Sterling Announces the Passing of its Board Chairman, Milton L. Scott
December 11 2019 - 4:05PM
Business Wire
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling”
or “the Company”) announced with deep sadness, the passing of
Milton L. Scott, a director and the Chairman of the Board of the
Company.
Mr. Scott brought to the Board his many years of experience as
an audit partner at a large public accounting firm as well as
leadership, managerial and corporate governance skills acquired
during his tenure as a senior executive at a Fortune 500 company,
and entrepreneurial skills developed through the founding of
several companies in the energy service and technology sectors.
Mr. Scott had been a member of the Company's Board since 2005
and was elected Chairman of the Board of Directors of the Company
in March of 2015. Additionally, Mr. Scott served as a member of the
Company's Audit Committee and previously on its Corporate
Governance & Nominating Committee. During Mr. Scott’s tenure as
Chairman, the Company returned to profitability and successfully
completed two significant strategic acquisitions, Tealstone in 2017
and Plateau Excavation in October 2019. During this time, Mr. Scott
was also instrumental in enhancing and supporting the executive
management team at the Company, along with leading the initiative
of refreshing board membership to broaden industry expertise,
improve board governance and promote diversity.
Sterling CEO, Joe Cutillo, commented “Milton will not only be a
great loss to the Sterling family, but also a great loss to the
community. He was a leader, mentor, friend and inspiration to many
people. His work and dedication was instrumental in the successful
turnaround of Sterling and his passion of giving back has
positively changed many people’s lives in our community. Milton may
have left us for now, but the impact of his work will go on for
many years. Our thoughts and prayers go out to Milton’s family and
all those touched by him.”
In light of Mr. Scott's passing, on December 10, 2019, the
Company held a special meeting of the Board of Directors to appoint
Thomas M. White as the Chairman of the Board, who will serve out
the remainder of the Chairman's term until the next shareholder
meeting. Mr. White's appointment was part of the Board's planned
Chairman succession plan.
Mr. White has been a member of the Company's Board since 2018
and brings to the Board over 35 years of experience in financial
and operational management expertise. Mr. White’s high-level
management experience provides considerable knowledge and benefits
to corporate governance matters and board deliberations. In
addition, Mr. White is also a non-practicing Certified Public
Accountant.
With the appointment of Mr. White as Chairman of the Board, Mr.
White stepped down as the Chairman of the Audit Committee and the
Board appointed Mr. Roger A. Cregg as the Chairman of the Audit
Committee. In addition, the Board appointed Ms. Marian M. Davenport
as a member of the Audit Committee to fill the vacancy left by Mr.
Scott's passing.
About Sterling
Sterling, a Delaware corporation, is a construction company that
specializes in heavy civil infrastructure construction and
rehabilitation, construction site excavation and improvement, and
residential construction projects, primarily across the southern
United States, the Rocky Mountain states, California and Hawaii.
Heavy civil construction projects include highways, roads, bridges,
airfields, ports, light rail, water, wastewater and storm drainage
systems, foundations for multi-family homes, commercial concrete
projects and parking structures. Site excavation and improvement
entails construction site preparation primarily in the Southeast
region of the United States for blue-chip customers in the
distribution center, warehousing, e-commerce, data center, big box
retail and energy sectors, as well as other growing end markets.
Residential construction projects include concrete foundations for
single-family homes in Texas.
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version on businesswire.com: https://www.businesswire.com/news/home/20191211005868/en/
Sterling Construction Company, Inc. Ron Ballschmiede,
Chief Financial Officer 281-214-0777
Investor Relations Counsel: The Equity Group
Inc. Fred Buonocore, CFA 212-836-9607 Mike Gaudreau
212-836-9620
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