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January 25, 2022

Ashley Smith follows dad as Smith-Midland chairman

Rodney I. Smith has retired after 62 years, and Ashley B. Smith has succeeded him as chairman of Smith-Midland Corp.
Rodney I. Smith has retired as chairman of the Smith-Midland Corp. board of directors, and President/CEO Ashley B. Smith, a son, has succeeded him.

Described by the company as “the trailblazing, second-generation head of Smith-Midland,” Rodney Smith “stepped down this week after 62 years of innovative leadership that was instrumental in shaping what Smith-Midland is today.

“Mr. Smith was at the forefront of the precast concrete industry creating new products and services, including Concrete Safety Systems, a barrier rental business and Easi-Set Worldwide, a precast licensing subsidiary,” the company said in a press release.

Barrier rentals produced nearly $7 million in 2020 revenue for the precast concrete company, headquartered at Midland.

“I am confident in the exceptional leadership of Ashley,” the elder Smith said. “In his 37 years with Smith-Midland, he has created an impressive culture of safety, continuous profitable improvement, and historic growth. Ashley has continued the family legacy of innovation and I have no doubt he is well prepared for the chairman of the board of directors position and will continue to work hard to drive long-term shareholder return for Smith-Midland.”

The late David Smith founded Smith-Cattleguard in 1960 to manufacture concrete cattleguards, which allowed vehicles — but not livestock — to pass through fence openings without gates. Under Rodney Smith, the company expanded to manufacture concrete barriers, architectural elements and precast buildings.

Ashley Smith said: “Smith-Midland is where we are today because of the hard work of my father and grandfather. We are proud of our legacy and are focused on our future.

“I believe that the company’s best days are ahead as we continue to gain scale and take share in our end markets. We will carry on the legacy of hard work and dedication to develop differentiated, patented and proprietary products. I am proud to work with the amazing team we have here and continue advancing the business in a way that creates value for all Smith-Midland stakeholders.”

Smith-Midland develops, manufactures, licenses, rents and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries.

It has plants in Fauquier, North Carolina and South Carolina.

The company reported 2021 third quarter revenues of $13.1 million compared to $12.5 million a year earlier. Net income increased 138 percent to $3.7 million in third quarter 2021 compared to $1.5 million for the third quarter 2020.

Smith-Midland stock, which trades on Nasdaq, most recently sold for $25.16 a share.
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