Babcock and Wilcox announces management transition
Published by Lucy Stewardson,
appointed Kenny Young as its new CEO, effective immediately. Lou Salamone has been appointed as the company’s executive vice president of finance, with the expectation of his transition to CFO in the near term. Finally, Harry Bartoli has been appointed as chief strategy officer and will remain a member on the board of directors as a non-independent director. Robert Caruso will continue to serve as chief implementation officer.
The company’s previous CEO, Leslie Kass, has held the position since February 2018 and is leaving B&W to pursue other opportunities.
These executive changes are intended to unlock value from B&W’s various segments, with the aim of leading to increased shareholder returns. The new team has proven leadership, with a combination of turnaround expertise and power industry experience. The new management team has also been granted equity awards that begin to vest when the price of B&W’s common stock reaches US$2.25 per share.
“We thank Leslie for her efforts in reshaping the company’s various segments, accelerating the exit of a difficult European construction business and relocating the corporate headquarters,” said Matt Avril, Chairman of the B&W board of directors. “We appreciate her support during this transition and wish her the best in her new endeavours.
“This is the next step in the board’s efforts to increase equity value for all of our shareholders. Kenny and Lou head the successful turnaround at LLC International, a global telecom engineering and infrastructure services company, and we look forward to their contributions at B&W. Combined with Henry’s extensive industry experience, this new leadership team is intended to help the company leverage its broad capabilities while driving efforts to achieve improved financial performance for all of our stakeholders.”
“B&W, through its employees and subsidiaries, has created tremendous brand equity and a unique market position,” said Young. “Unlocking our products and technical expertise within each of our operational brands and segments creates a competitive differentiation. I am excited to step into the role of CEO. I look forward to working closely with our customers and employees in support of their efforts to drive and enhance product quality, improve our operational capabilities, and create incremental value for our customers through higher levels of technology and performance. Henry, Lou, and I have a great opportunity to leverage our financial and industry experience and are motivated to strengthen our business and generate greater returns for our shareholders.”
In the newly created role of chief strategy officer, the senior management team will be advised and the execution of market and operational strategies across the company will be overseen by Bartoli.
Read the article online at: https://www.worldcement.com/the-americas/28112018/babcock-and-wilcox-announces-management-transition/
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