Babcock & Wilcox announce board changes
Published by Jessica Casey,
Babcock & Wilcox Enterprises, Inc. (B&W) has recently announced the appointment of three new independent members to its Board of Directors, reflecting a well-planned transition and strategic shift to accelerate growth within B&W in light of improved operational stability. The new independent members are Philip Moeller, Rebecca Stahl and Joseph Tato. CEO, Kenneth Young, and Chief Strategy Officer, Henry Bartoli, have also joined the Board, with Young appointed as Chairman of the Board.
In connection with this transition, Matthew Avril (former Chairman), Cynthia Dubin, Brian Kahn, Bryant Riley and Kenneth Siegel have retired from the board. As a result of the transition, the new board is comprised of six members, with four serving as independent directors, including current Director, Alan Howe, becoming Lead Independent Director. In order to provide continuity, the retiring board members will be available to provide support to the new board through the end of the year.
“Our announcement marks a moment of significant transition for B&W, highlighting the company’s recent refinancing and improved operational stability,” said Avril. “I would like to express my appreciation to the retiring directors for their tireless efforts and guidance to the company over the last few years, overseeing the resolution of a wide range of complex financial and operational issues. The new board has industry depth and expertise to help guide B&W through its next phase.”
Young commented: “B&W is on an exciting path forward as we work to execute on our growth strategy, including expanding our global sales team, pursuing strategic investments in new technologies, and capitalising on a robust global pipeline within our new renewable, environmental and thermal segments. The new directors have strong and successful backgrounds across each of these segments and are well experienced in global growth initiatives. We greatly appreciate the efforts of the previous board and their support during the past several years as we focused on reducing losses on our EPC projects and refinancing our debt, as well as their willingness to be available to support the board transition. Our recent organisational re-alignment and re-branding efforts reflect our mission to provide solutions to our customers around the world while providing proven, industry-leading technologies. With our financial position now strengthened, reconstituting the board is a logical next step as we focus on our long-term growth opportunities.”
Riley, former B&W board member as well as Chairman and Co-Chief Executive Officer of B. Riley Financial Inc., added: “B&W’s recent turnaround success has solidified our confidence in the company’s operational stability and growth trajectory. We have the utmost confidence in the skillset of the company’s management and new directors as B&W enters the next phase of its corporate evolution.”
Kahn said: “Kenny and his team have done a tremendous job moving the company past the costly legacy fixed-price EPC projects, restructuring B&W as a whole, and extending the company’s financing out 2 years. The incoming board members bring skillsets, relationships, and overall experience that are well-suited to accelerate the advancement of B&W in renewable energy, environmental, and thermal technologies, which we believe will collectively drive shareholder value over the next several years.”
Read the article online at: https://www.worldcoal.com/power/07092020/babcock-wilcox-announce-board-changes/
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