Northwest Pipe Appoints Richard A. Roman Chief Executive Officer; Brian W. Dunham Continues as President
April 02 2010 - 8:00AM
Marketwired
Northwest Pipe Company (NASDAQ: NWPX) today announced that the
Board of Directors has accepted Brian Dunham's resignation as Chief
Executive Officer, and appointed Richard A. Roman to serve as Chief
Executive Officer of the Company. Mr. Roman has been a member of
the Company's Board of Directors since 2003, and remains on the
Board. Mr. Dunham will continue to serve as President and as a
member of the Board of Directors.
Mr. Roman joins the Company from Columbia Ventures Corporation
(CVC), where he has been President since 2002. CVC is a private
investment company with significant holdings in the United States
and Europe. During more than 17 years at CVC, Mr. Roman has served
in a variety of capacities including Chief Operating Officer and
Chief Financial Officer. Prior to joining CVC in 1992, Mr. Roman
was a partner at the independent accounting firm of Coopers &
Lybrand.
Mr. Roman has served on the Audit Committee of the Board, which,
as has been previously disclosed, is conducting, with the
assistance of independent professionals, an ongoing internal
investigation of certain accounting matters, including certain
revenue recognition practices. As CEO, Mr. Roman's initial primary
focus will be on achieving a resolution of these issues.
"I believe this change is in the best interests of the Company
as we continue through our investigation of accounting matters,"
said William R. Tagmyer, Chairman of the Board. "This investigation
has placed significant demands on the Company and Rich Roman's
addition will help bring these issues to resolution. It is
important during this period to maintain and strengthen our focus
on our operations and opportunities. As President, Brian Dunham's
time and energy will be concentrated on the day to day operations
of the Company."
About Northwest Pipe Company
Northwest Pipe Company manufactures welded steel pipe and other
products in two business groups. Its Water Transmission Group is
the leading supplier of large diameter, high-pressure steel pipe
products that are used primarily for water infrastructure in North
America. Its Tubular Products Group manufactures smaller diameter
steel pipe for a wide range of applications including construction,
agricultural, energy, traffic and other commercial and industrial
uses. The Company is headquartered in Vancouver, Washington and has
manufacturing operations in the United States, Mexico, and
Indonesia.
Forward-Looking Statements
This press release includes "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as expects, anticipates, intends, plans, believes,
sees, estimates and variations of such words and similar
expressions are intended to identify such forward-looking
statements. Such statements reflect management's current views and
estimates of future economic and market circumstances, industry
conditions, Company performance and financial results. Actual
results could vary materially from the description contained herein
due to many factors, including the completion of the Audit
Committee's investigation, the completion of any additional
accounting work required as a result of the Audit Committee's
investigation, the completion of the Company's consolidated
financial statements for the quarter ended September 30, 2009 and
for the year ended December 31, 2009, the completion of the
quarterly review and annual audit, respectively, of such financial
statements by the Company's independent registered public
accountants, the risks related to the continuation of the Company's
inability to file required reports with the Securities and Exchange
Commission, continued poor or further weakened domestic or
international economic conditions, risks related to project delays,
risks related to changes in bidding activity, market demand,
operating efficiencies, availability and price of raw materials,
availability and market acceptance of new products, product
pricing, competitive environment, and other risks described from
time to time in the Company's reports to the Securities and
Exchange Commission. The forward-looking statements we make today
speak only as of today and we do not undertake any obligation to
update any such statements to reflect events or circumstances
occurring after today.
CONTACT: Stephanie Welty, Chief Financial Officer
360-397-6323
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