IES Holdings, Inc. Appoints Jeffrey Gendell as Interim Chief Executive Officer
August 03 2020 - 8:00AM
IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC)
announced today that Jeffrey L. Gendell has been appointed as
Interim Chief Executive Officer, succeeding Gary S. Matthews, who
has resigned as Chief Executive Officer to pursue other interests.
Mr. Matthews has also resigned from the Company’s Board of
Directors. Mr. Gendell, who will also continue as Chairman of the
Board, is the managing member and founder of Tontine Associates,
L.L.C., which together with its affiliates is the Company’s
majority shareholder.
“As we planned for the future, Gary determined
that this was the appropriate time for a leadership transition,”
said Mr. Gendell. “On behalf of the entire Board, as well as the
rest of the IES team, I would like to thank Gary for his
contributions to the Company and wish him well in his future
endeavors.”
Continued Mr. Gendell, “As I assume this new
role, I am fortunate to be able to rely on the strong senior
leadership teams at corporate and our operating segments. Despite
the ongoing economic uncertainty related to COVID-19, I remain
optimistic about the Company’s outlook and believe that our strong
balance sheet and cash flow generation help position the Company to
both manage through future economic disruptions and execute on our
long-term growth strategy.”
Donald L. Luke, Chairman of the Board’s
Nominating/Governance Committee, added, “The Board looks forward to
working with Jeff and the IES executive team to ensure a seamless
transition for our Company and its stakeholders.”
About IES Holdings, Inc.IES is
a holding company that owns and manages operating subsidiaries that
provide electrical contracting and other infrastructure services to
a variety of end markets, including data centers, residential
housing, and commercial and industrial facilities. Our
approximately 5,500 employees serve clients in the United States.
For more information about IES, please visit www.ies-co.com.
Contact: Tracy McLauchlin, CFO IES Holdings,
Inc.713-860-1500
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