Argan, Inc. Announces Founder, Chairman and CEO Retirement and Succession
August 18 2022 - 4:15PM
Business Wire
Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”)
announces today that Rainer H. Bosselmann, Founder, Chairman and
Chief Executive Officer retired effective August 16, 2022. The
Board of Directors of Argan (the “Board”) has appointed David H.
Watson to succeed Mr. Bosselmann as President and Chief Executive
Officer (“CEO”) and Mr. Watson will also join the Board.
“On behalf of the Board, the management team, and Argan’s
employees, we want to thank Rainer for his leadership and
significant, positive impact over almost two decades with the
organization,” said James Quinn, Argan’s lead independent board
member. “A steadfast and conservative leader, Rainer founded Argan
in 2003 and fostered the management team that is in place today.
During his tenure, he played a significant role in transforming the
Company from a small, $30 million company to an international
business with annual revenues and a market cap that exceed $500
million today. He built up the balance sheet, focused on margins,
empowered employees throughout the organization and returned to
shareholders approximately $175 million in dividends and $75
million in share repurchases. In addition, Rainer was instrumental
in the evolution of Argan with the transformative acquisition of
Gemma Power Systems in 2006. The Board is sincerely grateful to
Rainer for his dedication to Argan and positive impact on
shareholder value. We are all thankful that he has agreed to
continue serving as a member of the Board.”
“David has worked closely with me as Chief Financial Officer
(“CFO”) of Argan for almost seven years and the transition should
be seamless,” said Mr. Bosselmann. “He has a deep understanding of
our businesses, good rapport with investors and a strong track
record of leadership and execution.”
“I want to thank Rainer and the Board for their confidence in me
as I step into this role,” said Mr. Watson. “These are big shoes to
fill and I pledge to work tirelessly with all of our employees to
build on past successes and to lead the Company into its
future.”
With Mr. Watson taking on the President and CEO position, long
time Corporate Controller, Richard H. Deily, will step into the CFO
position. Mr. Deily joined the Company in October 2007 and has
worked closely with Mr. Watson and Mr. Bosselmann over the years.
Additionally, current Board member William F. Leimkuhler has been
appointed Chairman of the Board.
About Argan, Inc.
Argan’s primary business is providing a full range of services
to the power industry, including the renewable energy sector.
Argan’s service offerings focus on the engineering, procurement and
construction of natural gas-fired power plants and renewable energy
facilities, along with related commissioning, operations
management, maintenance, project development and consulting
services, through its Gemma Power Systems and Atlantic Projects
Company operations. Argan also owns The Roberts Company, which is a
fully integrated fabrication, construction and industrial plant
services company, and SMC Infrastructure Solutions, which provides
telecommunications infrastructure services.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws. Reference is hereby made to the cautionary
statements made by the Company with respect to risk factors set
forth in its most recent reports on Form 10-K, Forms 10-Q and other
SEC filings. The Company’s future financial performance is subject
to risks and uncertainties including, but not limited to, the
successful addition of new contracts to project backlog, the
receipt of corresponding notices to proceed with contract
activities, the Company’s ability to successfully complete the
projects that it obtains and the resurgence of the COVID-19
pandemic due to the spread of various variants. The Company has
several signed EPC contracts that have not started and may not
start as forecasted due to market and other circumstances beyond
its control. Actual results and the timing of certain events could
differ materially from those projected in or contemplated by the
forward-looking statements due to the risk factors highlighted
above and described regularly in the Company’s SEC filings.
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Company Contact: David Watson 301.315.0027
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