Broadwind Announces New Appointments to Board of Directors
February 21 2020 - 7:00AM
Broadwind (NASDAQ: BWEN), a diversified precision manufacturer of
specialized components and solutions serving global industries,
today announced that its Board of Directors has elected Stephanie
K. Kushner, currently the President and CEO of the Company, as the
incoming Chairman of the Board. As previously announced,
Kushner will retire from her current role as President and CEO,
effective March 1, 2020, while continuing to serve on the Board of
Directors.
Kushner has served as a member of the Board of
Directors since 2016. She will succeed current Board Chairman
David P. Reiland, who will remain a director with the Company and
continue to serve as Chairman of the Audit Committee. Cary B.
Wood, who has been serving on the Company’s Board of Directors
since 2016, will serve as lead independent director. In
conjunction with this leadership transition, Eric B. Blashford,
incoming President and CEO of Broadwind, has been appointed to the
Board of Directors. The Board appointments of both Kushner
and Blashford are effective March 1, 2020.
“Stephanie is a visionary leader, one whose
insights, experience and deep institutional knowledge of our
organization position her as the ideal person to lead our Board as
we enter our next phase of growth,” stated David Reiland.
“Eric is an experienced industry executive and a leading author of
our current strategy, one well suited to drive value creation for
our business in the years ahead. Together, these appointments
position us to ensure sound corporate governance, to further
advance our strategy and to maximize long-term economic value for
our shareholders.”
ABOUT BROADWIND
Broadwind (NASDAQ: BWEN) is a precision
manufacturer of structures, equipment and components for clean tech
and other specialized applications. With facilities throughout the
U.S., our talented team is committed to helping customers maximize
performance of their investments—quicker, easier and smarter. Find
out more at www.bwen.com
FORWARD-LOOKING STATEMENTS
This release contains “forward looking
statements”—that is, statements related to future, not past,
events—as defined in Section 21E of the Securities Exchange Act of
1934, as amended, that reflect our current expectations regarding
our future growth, results of operations, financial condition, cash
flows, performance, business prospects and opportunities, as well
as assumptions made by, and information currently available to, our
management. Forward looking statements include any statement that
does not directly relate to a current or historical fact. We have
tried to identify forward looking statements by using words such as
“anticipate,” “believe,” “expect,” “intend,” “will,” “should,”
“may,” “plan” and similar expressions, but these words are not the
exclusive means of identifying forward looking statements.
Our forward-looking statements may include or
relate to our beliefs, expectations, plans and/or assumptions with
respect to the following: (i) state, local and federal regulatory
frameworks affecting the industries in which we compete, including
the wind energy industry, and the related extension, continuation
or renewal of federal tax incentives and grants and state renewable
portfolio standards, as well as new or continuing tariffs on steel
or other products imported into the United States; (ii) our
customer relationships and our substantial dependency on a few
significant customers and our efforts to diversify our customer
base and sector focus and leverage relationships across business
units; (iii) our ability to continue to grow our business
organically and through acquisitions; (iv) the production, sales,
collections, customer deposits and revenues generated by new
customer orders and our ability to realize the resulting cash
flows; (v) the sufficiency of our liquidity and alternate sources
of funding, if necessary; (vi) our ability to realize revenue from
customer orders and backlog; (vii) our ability to operate our
business efficiently, comply with our debt obligations, manage
capital expenditures and costs effectively, and generate cash flow;
(viii) the economy and the potential impact it may have on our
business, including our customers; (ix) the state of the wind
energy market and other energy and industrial markets generally and
the impact of competition and economic volatility in those markets;
(x) the effects of market disruptions and regular market
volatility, including fluctuations in the price of oil, gas and
other commodities; (xi) competition from new or existing industry
participants including, in particular, increased competition from
foreign tower manufacturers with access to lower cost steel; (xii)
the effects of the change of administrations in the U.S. federal
government; (xiii) our ability to successfully integrate and
operate companies and to identify, negotiate and execute future
acquisitions; (xiv) the potential loss of tax benefits if we
experience an “ownership change” under Section 382 of the Internal
Revenue Code of 1986, as amended; (xv) the limited trading
market for our securities and the volatility of market price for
our securities; and (xvi) the impact of future sales of our common
stock or securities convertible into our common stock on our stock
price. These statements are based on information currently
available to us and are subject to various risks, uncertainties and
other factors that could cause our actual growth, results of
operations, financial condition, cash flows, performance, business
prospects and opportunities to differ materially from those
expressed in, or implied by, these statements. We are under no duty
to update any of these statements. You should not consider any list
of such factors to be an exhaustive statement of all of the risks,
uncertainties or other factors that could cause our current
beliefs, expectations, plans and/or assumptions to change.
CORPORATE CONTACT
Jason Bonfigt
708.780.4821
Broadwind (NASDAQ:BWEN)
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