Global Power Equipment Group Inc. Names Larry Edwards President and Chief Executive Officer
May 15 2006 - 5:15PM
PR Newswire (US)
- Chairman of the Board Re-Assumes CEO and President Roles - TULSA,
Okla., May 15 /PRNewswire-FirstCall/ -- The Board of Directors of
Global Power Equipment Group Inc. (NYSE:GEG) ("Global Power") today
named current Chairman of the Board, Larry Edwards, to the roles of
President and Chief Executive Officer, replacing Al Brousseau, who
will be departing from the Company in order to pursue other
personal and professional interests, effective May 15, 2006. Mr.
Edwards, 56, re-assumes the positions of President and Chief
Executive Officer after retiring from these roles in June 2005 in
order to focus more on his strategic oversight and corporate
governance responsibilities as Chairman. Mr. Edwards has served as
the Chief Executive Officer of Global Power, and its predecessor
company, GEEG, Inc, from June 1998 through June 2005. Commenting on
his return to the President and CEO roles, Mr. Edwards said, "After
extensive review, the Board of Directors determined that we had
reached an appropriate point for a CEO transition as we continue to
move forward in meeting our near-term challenges while capitalizing
on longer-term opportunities. We thank Al for his hard work and
dedication to Global Power, and wish him all the best. In the
immediate future, we will continue to focus fully on bringing our
accounting restatement process to a conclusion as expeditiously as
possible. At the same time, I am encouraged by our company's core
strategic strengths and improving market conditions. As a firm
believer in the strong potential and bright prospects of Global
Power -- having been with the company since the early stages of its
creation in its present form -- I am committed to resolving our
near-term issues while working closely with my colleagues on the
Board and the rest of the senior management team to accelerate our
increasing operational momentum, and to translate it into strong
and stable financial performance for our shareholders." Prior to
joining GEEG, Inc. -- Global Power Equipment Group's predecessor --
Mr. Edwards served as the President of the power generating
division of Jason Incorporated. He holds a B.S. in Industrial
Engineering and Management from Oklahoma State University, and an
M.B.A. with honors from Oklahoma City University. He was appointed
Chairman of the Board of Directors of Global Power in October 2003.
About Global Power Equipment Group Oklahoma based Global Power
Equipment Group Inc. is a leading design, engineering and
manufacturing firm providing a broad array of equipment and
services to the global energy, power infrastructure and process
industries. The Company designs, engineers and manufactures a
comprehensive portfolio of equipment for gas turbine power plants
and power-related equipment for industrial operations, and has over
30 years of power generation industry experience. The Company's
equipment is installed in power plants and in industrial operations
in more than 40 countries on six continents and believes, in its
product lines, it has one of the largest installed bases of
equipment for power generation in the world. In addition, the
Company provides its customers with value-added services including
engineering, retrofit, maintenance, repair and general plant
services. Additional information about Global Power Equipment Group
may be found at http://www.globalpower.com/ . Statements contained
in this release regarding the Company's or management's intentions,
beliefs, expectations, or predictions for the future, including,
but not limited to, those regarding anticipated operating results,
are forward-looking statements within the meaning of U.S. federal
securities laws and are subject to a number of risks, assumptions
and uncertainties that could cause the Company's actual results to
differ materially from those projected, including completion of the
audit of the Company's restated financial statements and 2005
annual financial statements, ability to remain in compliance with,
or obtain waivers under the Company's loan agreements, completion
of the independent review of contract cost reporting issues,
decreased demand for new gas turbine power plants, the loss of any
of our major customers, the cancellation of projects, project cost
overruns, including increases in prices for energy or for materials
such as steel, and unforeseen schedule delays, competition for the
sale of our products or services, poor performance by our
subcontractors, warranty and product liability claims and changes
in the economic, social and political conditions in the countries
in which we operate, including fluctuations in foreign currency
exchange rates. Additional information concerning these factors and
some of the other factors that could cause actual results to differ
materially from those in, or implied by, the forward looking
statements are set forth under "Risk Factors" in the Company's Form
10-K for the period ended December 31, 2004, and other reports on
file with the U.S. Securities and Exchange Commission. The Company
assumes no obligation to update publicly such forward- looking
statements, whether as a result of new information, future events
or otherwise. Company Contacts: Joseph Y. Kuo Partner Kekst and
Company Tel: (212) 521-4800 Email: John M. Matheson Executive Vice
President and Chief Operating Officer Global Power Equipment Group
Inc. Tel: (918) 488-0828 Email: DATASOURCE: Global Power Equipment
Group Inc. CONTACT: Joseph Y. Kuo, Partner of Kekst and Company,
+1-212-521-4800, or , for Global Power Equipment Group Inc.; or
John M. Matheson, Executive Vice President and Chief Operating
Officer of Global Power Equipment Group Inc., +1-918-488-0828, or
Web site: http://www.globalpower.com/
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