MISTRAS Group Announces Change in Leadership and Engagement of AlixPartners to Define Operational Enhancements Designed to Drive Performance and Shareholder Value
February 08 2023 - 4:01PM
MISTRAS Group, Inc. (MG: NYSE) – a leading "one source"
multinational provider of technology-enabled asset protection
solutions used to maximize the uptime and safety of critical
energy, industrial, and public infrastructure – announced today
that Jonathan Wolk, Senior Executive Vice President and Chief
Operating Officer (COO), will be departing MISTRAS effective
immediately. In the interim, MISTRAS Group President and Chief
Executive Officer (CEO), Dennis Bertolotti, will assume Mr. Wolk's
duties.
“We thank Jonathan for his service to MISTRAS and wish him
success in the future,” said Dennis Bertolotti, MISTRAS Group
President and Chief Executive Officer.
The Board of Directors also announced today that the Company has
hired AlixPartners to undertake an operational review of the
Company designed to accelerate profitable growth and EBITDA in the
coming months.
Founder and Executive Chairman, Dr. Sotirios J. Vahaviolos
stated, “The engagement of AlixPartners will identify meaningful
margin improvement opportunities and steps to achieve sustained
cost savings”
Independent Lead Director, Manuel Stamatakis stated: “Our Board
is laser‐focused on taking steps to position the organization for
success and to drive shareholder value.”
About AlixPartners
AlixPartners is a results-driven global consulting firm that
specializes in helping businesses successfully address their most
complex and critical challenges. Its clients include companies,
corporate boards, law firms, investment banks, private equity
firms, and others. Founded in 1981, AlixPartners is headquartered
in New York and has offices in more than 20 cities around the
world. For more information, visit www.alixpartners.com.
About MISTRAS Group, Inc. - One Source for Asset
Protection Solutions®
MISTRAS Group, Inc. (NYSE: MG) is a leading "one source"
multinational provider of integrated technology-enabled asset
protection solutions, helping to maximize the safety and
operational uptime for civilization's most critical industrial and
civil assets.
Backed by an innovative, data-driven asset protection portfolio,
proprietary technologies, strong commitment to Environmental,
Social, and Governance (ESG) initiatives, and a decades-long legacy
of industry leadership, MISTRAS leads clients in the oil and gas,
aerospace and defense, renewable and nonrenewable power, civil
infrastructure, and manufacturing industries towards achieving
operational and environmental excellence. By supporting these
organizations that help fuel our vehicles and power our society,
inspecting components that are trusted for commercial, defense, and
space craft; building real-time monitoring equipment to enable safe
travel across bridges; and helping to propel sustainability,
MISTRAS helps the world at large.
MISTRAS enhances value for its clients by integrating asset
protection throughout supply chains and centralizing integrity data
through a suite of Industrial IoT-connected digital software and
monitoring solutions. The Company's core capabilities also include
non-destructive testing field and in-line inspections enhanced by
advanced robotics, laboratory quality control and assurance
testing, sensing technologies and NDT equipment, asset and
mechanical integrity engineering services, and light mechanical
maintenance and access services.
For more information about how MISTRAS helps protect
civilization's critical infrastructure and the environment, visit
https://www.mistrasgroup.com/.
Forward-Looking and Cautionary Statements
Certain statements made in this press release are
"forward-looking statements", including as to expectations as to
enhancements to the Company's financial results, business model,
strategy, growth opportunities, profitability and competitive
position, and other matters. These forward-looking statements
generally use words such as "future," "possible," "potential,"
"targeted," "anticipate," "believe," "estimate," "expect,"
"intend," "plan," "predict," "project," "will," "may," "should,"
"could," "would" and other similar words and phrases. Such
statements are not guarantees of future performance or results, and
will not necessarily be accurate indications of the times at, or by
which, such performance or results will be achieved, if at all.
These statements are subject to risks and uncertainties, many of
which are beyond the control of the Company, that could cause
actual performance or results to differ materially from those
expressed in these statements. A list, description and discussion
of these and other risks and uncertainties can be found in the
"Risk Factors" section of the Company's 2021 Annual Report on Form
10-K filed with the Securities and Exchange Commission on March 14,
2022, as updated by our reports on Form 10-Q and Form 8-K. The
forward-looking statements are made as of the date hereof, and the
Company undertakes no obligation to update such statements as a
result of new information, future events or otherwise.
Contact:Nestor S. MakarigakisGroup Vice
President, Marketing and Communications | MISTRAS Group,
Inc.marcom@mistrasgroup.com | +1 (609) 716-4000
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