Orion Group Holdings Inc. Announces Interim Chief Operating Officer Will Conclude Role Effective February 29, 2020
February 20 2020 - 4:05PM
Business Wire
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading
specialty construction company, today announced Mr. Austin
Shanfelter will conclude his role as Interim Chief Operating
Officer effective February 29, 2020.
Mr. Shanfelter was appointed Interim Chief Operating Officer
(COO) on March 26, 2019, to assist with the implementation of the
Company’s Invest, Scale, and Grow (ISG) initiative under its
Process Improvement Plan, which has been substantially completed,
while the Company conducted a search. After he concludes his role
as Interim COO on February 29, 2020, Mr. Shanfelter will resume
functioning as an independent member of the Company’s Board of
Directors and will be eligible to serve as a member of the various
committees of the Board.
“We have spent the past 10 months imbedding our ISG initiative
processes within each of our divisions,” said Mr. Shanfelter. “Mark
has assembled a great team to lead the Company into the future. The
work we have done has led to improving results and sets us up for
continued improvement as we move ahead.”
“Austin brought his wealth of knowledge and experience to bear
during his time as Interim COO,” said Mark Stauffer, Orion Group
Holdings’ President and Chief Executive Officer. “He played a key
role in driving a recommitment to our operating performance
expectations and a reinforcement of a high level of accountability
throughout our organization. Going forward, the Company will
operate with separate senior operations executives over its marine
and concrete segments.”
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction
company serving the infrastructure, industrial and building
sectors, provides services both on and off the water in the
continental United States, Alaska, Canada and the Caribbean Basin
through its marine segment and its concrete segment. The Company’s
marine segment provides construction and dredging services relating
to marine transportation facility construction, marine pipeline
construction, marine environmental structures, dredging of
waterways, channels and ports, environmental dredging, design, and
specialty services. Its concrete segment provides turnkey concrete
construction services including pour and finish, dirt work, layout,
forming, rebar, and mesh across the light commercial, structural
and other associated business areas. The Company is headquartered
in Houston, Texas with regional offices throughout its operating
areas.
Forward-Looking Statements
The matters discussed in this press release may constitute or
include projections or other forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
the provisions of which the Company is availing itself. Certain
forward-looking statements can be identified by the use of
forward-looking terminology, such as 'believes', 'expects', 'may',
'will', 'could', 'should', 'seeks', 'approximately', 'intends',
'plans', 'estimates', or 'anticipates', or the negative thereof or
other comparable terminology, or by discussions of strategy, plans,
objectives, intentions, estimates, forecasts, outlook, assumptions,
or goals. In particular, statements regarding future operations or
results, including those set forth in this press release and any
other statement, express or implied, concerning future operating
results or the future generation of or ability to generate
revenues, income, net income, profit, EBITDA, EBITDA margin, or
cash flow, including to service debt, and including any estimates,
forecasts or assumptions regarding future revenues or revenue
growth, are forward-looking statements. Forward looking statements
also include estimated project start date, anticipated revenues,
and contract options which may or may not be awarded in the future.
Forward looking statements involve risks, including those
associated with the Company's fixed price contracts that impacts
profits, unforeseen productivity delays that may alter the final
profitability of the contract, cancellation of the contract by the
customer for unforeseen reasons, delays or decreases in funding by
the customer, levels and predictability of government funding or
other governmental budgetary constraints and any potential contract
options which may or may not be awarded in the future, and are the
sole discretion of award by the customer. Past performance is not
necessarily an indicator of future results. In light of these and
other uncertainties, the inclusion of forward-looking statements in
this press release should not be regarded as a representation by
the Company that the Company's plans, estimates, forecasts, goals,
intentions, or objectives will be achieved or realized. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company
assumes no obligation to update information contained in this press
release whether as a result of new developments or otherwise.
Please refer to the Company’s Annual Report on Form 10-K, filed
on March 27, 2019, which is available on its website at
www.oriongroupholdingsinc.com or at the SEC’s website at
www.sec.gov, for additional and more detailed discussion of risk
factors that could cause actual results to differ materially from
our current expectations, estimates or forecasts.
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version on businesswire.com: https://www.businesswire.com/news/home/20200220005787/en/
Orion Group Holdings Inc. Robert Tabb, Vice President & CFO
(713) 852-6500 www.oriongroupholdingsinc.com
INVESTOR RELATIONS COUNSEL: The Equity Group Inc. Fred
Buonocore, CFA (212) 836-9607 Mike Gaudreau (212) 836-9620
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