Kadant Inc. (NYSE: KAI) announced a leadership succession plan on September 10, 2026, adopted by its board of directors. The plan designates Michael C. Colwell to succeed Jeffrey L. Powell as Chief Executive Officer. Mr. Colwell will assume the role of President and Chief Operating Officer effective October 1, 2026, and will become President, Chief Executive Officer, and a member of the Board effective January 2, 2027.
Jeffrey L. Powell, who has served as CEO since 2008, will remain in that role through January 2, 2027. Following the transition, he will become Executive Chairman of the Board. Mr. Powell is expected to continue working on a part-time basis until his retirement on January 1, 2028, at which point he will transition to a non-executive chairman role. Jonathan W. Painter, the current Chairman of the Board, will cease to serve as a director and chairman on January 2, 2027.
Michael C. Colwell, age 60, has served as a Senior Vice President since December 2024 and previously held the role of Vice President from August 2022 to December 2024. He is responsible for the Company’s Industrial Processing segment. Prior to his current role, Mr. Colwell supervised the wood processing business and had responsibility for the fiber-based products business. He previously served as the president of Kadant Carmanah Design from 2013 to 2019 and as CEO of Carmanah Design and Manufacturing Inc. from 2010 until its acquisition by Kadant in November 2013.
In connection with the transition, Kadant and Jeffrey L. Powell entered into a Transition and Executive Chairman Agreement on September 10, 2026. Under the terms of this agreement, Mr. Powell will continue to receive his annualized base salary of $998,900 through January 2, 2027. As Executive Chairman, his annualized base salary will be reduced to $499,450. He remains eligible for a cash incentive bonus of $1,038,000 for the fiscal year ending January 2, 2027, and $519,000 for the fiscal year ending January 1, 2028. The agreement also details the acceleration of unvested restricted stock unit awards if Mr. Powell remains employed through his retirement date, subject to the provision of an effective release.
