Babcock & Wilcox Announces Three-Year Contract Extension for CEO Kenny Young
November 10 2020 - 4:30PM
Business Wire
- CEO Kenny Young’s contract extended through end of 2023
- Chief Strategy Officer Henry Bartoli to provide strategic
consulting services through 2021
Babcock & Wilcox (B&W) (NYSE: BW) announced today a
three-year extension of the contract under which Kenny Young serves
as B&W’s CEO, through December 31, 2023. Young also serves as
Chairman of the B&W Board of Directors.
Since joining B&W as CEO in November 2018, Young has led a
significant turnaround of the Company, including its recovery from
losses related to several historical European EPC loss projects, a
return to its core technology and delivery model, the
implementation of $119 million in cost savings initiatives, and the
extension of its credit facility for two years. The Company is now
executing a strategic organizational and global branding initiative
that is driving the expansion of B&W’s sales, service and
business development teams globally. This includes expanding in
Europe, Asia, and the Middle East with local offices, sales, and
service personnel to provide better service to its customers.
“I am fully committed to B&W’s future and look forward to
accelerating the significant progress we have made to strengthen
our core businesses and provide shareholder returns,” Young said.
“I’m also excited about working with our team to unlock the
potential of B&W’s global brands as we grow our business
profitably and execute quality projects around the world. B&W
is an outstanding company – one with industry-leading technology
that helps achieve a clean, sustainable energy and industrial
infrastructure.”
The Company also announced that the employment agreement with
its Chief Strategy Officer Henry Bartoli has been extended to
December 31, 2020, after which time Bartoli will serve in a
consulting capacity with the company for a one-year term through
December 31, 2021. He will also continue to serve as a member of
B&W’s Board of Directors.
“B&W has made an incredible transformation over the last few
years and I look forward to working with this highly experienced
and talented leadership team and employees to further strengthen
our business as we capitalize on the strong pipeline of new
opportunities around the world,” Bartoli said.
More information on these matters can be found on the related
Form 8-K filed with the SEC today.
About B&W
Headquartered in Akron, Ohio, B&W is a global leader in
energy and environmental technologies and services for the power
and industrial markets. Follow B&W on LinkedIn and learn more
at www.babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
cost savings initiatives, the strategic organization and global
branding initiative, and the global project opportunities. These
forward-looking statements are based on management’s current
expectations and involve a number of risks and uncertainties. For a
more complete discussion of these risk factors, see our filings
with the Securities and Exchange Commission, including our most
recent annual report on Form 10-K. If one or more of these risks or
other risks materialize, actual results may vary materially from
those expressed. We caution readers not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this release, and we undertake no obligation to update or revise
any forward-looking statement, except to the extent required by
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201110006208/en/
Investor Contact: Megan Wilson Vice President, Corporate
Development & Investor Relations Babcock & Wilcox
704.625.4944 | investors@babcock.com
Media Contact: Ryan Cornell Public Relations Babcock
& Wilcox 330.860.1345 | rscornell@babcock.com
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