THE WOODLANDS, Texas,
May 18, 2017 /PRNewswire/
-- CB&I's (NYSE:CBI) Supervisory Board of Directors today
announced it has approved the retirement of Philip K. Asherman from his role as President
and Chief Executive Officer of CB&I and as a member of the
company's Board effective July 1,
2017. The Board also announced the appointment of
Patrick K. Mullen to President and
Chief Executive Officer, effective the same date. Mr. Mullen will
stand for election to the company's Board in May 2018.
"CB&I's Supervisory Board is grateful for Phil's service and
congratulates him on his nearly 12 years of leadership of what has
become one of the premier energy infrastructure companies in the
world," said L. Richard Flury,
Non-Executive Chairman of CB&I's Supervisory Board. "We
especially appreciate Phil's commitment to succession planning by
ensuring that we have an outstanding internal candidate in
Pat Mullen to assume the position of
CEO. I am confident in Pat's ability to successfully lead CB&I
into the future."
Mr. Asherman, 66, is widely credited for transforming CB&I
from a specialty tank subcontractor to a global technology and
energy infrastructure corporation, which at its peak has employed
more than 50,000 employees in 85 locations around the world with a
backlog of business exceeding $20
billion. He is also regarded as a leader in safety for the
industry and in 2015 was a recipient of the National Safety
Council's prestigious Green Cross for Safety award, the first ever
received by an engineering and construction company. This focus on
employees is a hallmark of his leadership at CB&I, which has
become one of the largest job creators in the U.S. hiring over
25,000 employees in the past three years.
In addition, Mr. Asherman's dedication to developing new talent
included the creation of a global Women's Leadership Network to
provide mentoring and focus on career development for women in the
industry; a commitment to Veteran training and hiring resulting in
employment opportunities for more than 6,000 returning servicemen
and women over the past three years; and continuing support of
Historically Black Colleges and Universities through scholarships,
internships and recruitment of graduates for professional and
technical opportunities. CB&I also has become a leader in the
U.S. and around the world in developing a culture of community
giving and support for local schools, charities, and emergency
response to natural disasters wherever its employees are
working.
"It has been a great honor to lead CB&I for almost 12 years,
and I am proud of the many significant accomplishments the company
and our employees have made in that time," said Mr. Asherman. "Pat
has demonstrated tremendous leadership capabilities and has been an
active executive partner in maintaining CB&I's standards with
our employees and our global energy customers. His technical and
business credentials plus over 25 years of industry experience make
him the right executive to lead CB&I into the future. I'm
confident Pat will bring a fresh perspective on technology and
innovation that will drive the company to even greater
achievements."
Mr. Mullen, 52, was named Chief Operating Officer of CB&I in
2016. Previously, he served as Executive Vice President and
President of CB&I's Engineering & Construction operating
group, where he was responsible for all engineering and
construction for CB&I's worldwide operations. He joined
CB&I in 2007 through the company's acquisition of Lummus Global
and has worked in operational and commercial leadership roles
throughout the company with global responsibility for corporate
strategy, as well as serving as a key interface with CB&I's
shareholders. Mr. Mullen currently serves on Vectren Corporation's
board of directors. He holds a bachelor's degree in chemical
engineering from the University of Notre
Dame and a master's degree in business administration from
Northwestern University's Kellogg
School of Management.
"Phil's leadership has set a strong foundation for the many
opportunities we have ahead," said Mr. Mullen. "I appreciate the
Board's confidence as we work through this challenging cycle in our
industry, and I am committed to taking action to ensure the
successful execution of our significant backlog of projects. I look
forward to working with our many talented employees to further
build a culture that enables CB&I to be the most collaborative
and innovative partner for our customers around the world."
About CB&I
CB&I (NYSE:CBI) is a leading provider of technology and
infrastructure for the energy industry. With over 125 years of
experience and the expertise of more than 40,000 employees,
CB&I provides reliable solutions to our customers around the
world while maintaining a relentless focus on safety and an
uncompromising standard of quality. For more information, visit
www.CBI.com.
Important Information For Investors And Shareholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding
CB&I and represents our expectations and beliefs concerning
future events. These forward-looking statements are intended to be
covered by the safe harbor for forward-looking statements provided
by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties. When considering any statements that are predictive
in nature, depend upon or refer to future events or conditions, or
use or contain words, terms, phrases or expressions such as
"achieve," "forecast," "plan," "propose," "strategy," "envision,"
"hope," "will," "continue," "potential," "expect," "believe,"
"anticipate," "project," "estimate," "predict," "intend," "should,"
"could," "may," "might" or similar forward-looking statements, we
refer you to the cautionary statements concerning risk factors and
"Forward-Looking Statements" described under "Risk Factors" in Item
1A of our Annual Report filed on Form 10-K filed with the SEC for
the year ended December 31, 2016, and
any updates to those risk factors or "Forward-Looking Statements"
included in our subsequent Quarterly Reports on Form 10-Q filed
with the SEC, which cautionary statements are incorporated herein
by reference.
Investors: Scott Lamb, +1 832
513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832
513 1031, Gentry.Brann@CBI.com
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SOURCE CB&I