- To be named Chief Financial Officer following the
filing of restated historical financial statements
- Compensation Committee approved restricted share
inducement awards
Global Power Equipment Group Inc. (NYSE:GLPW) ("Global Power" or
the "Company") announced today that it has appointed Craig E.
Holmes as Senior Vice President of Finance.
Mr. Holmes brings to Global Power more than 30 years of finance,
accounting and executive management experience, including
experience as a public company chief financial officer, as the
Company moves toward resolution of the previously-announced ongoing
accounting review of certain of its historical financial
statements. Following the filing of restated financial statements,
the Board intends to name Mr. Holmes as the Company's new chief
financial officer.
In the interim period, Timothy Howsman will serve as a corporate
officer and as the Company's principal financial officer, reporting
directly to Terence J. Cryan, President and CEO of Global Power.
Mr. Howsman joined Global Power as Corporate Controller in August
2014 and assumed his current role of Chief Financial Officer of the
Products segment in May 2015. He was appointed to his current
segment position in conjunction with the Company's ongoing efforts
to file its restated financial statements; he will retain his
Products segment CFO role. Raymond K. Guba, the Company's former
Chief Financial Officer, resigned from the Company effective
September 24, 2015.
Mr. Cryan, commented, "Craig's considerable financial knowledge,
public company experience and leadership skills are a welcome
addition to our executive team. We expect that he will immediately
strengthen our finance and accounting operations, be instrumental
in our efforts to improve Global Power's operating performance and
more than prove his capabilities as a chief financial officer."
He added, "We are also appreciative of Tim's willingness to
accept the additional responsibilities as principal financial
officer as we continue our work to complete the restatement
process. He has been a vital part of the restatement effort and we
appreciate his dedication, diligence and expertise."
Mr. Holmes began his career at Arthur Andersen where he
successfully rose to Partner level. After leaving the firm in 1995,
he held a succession of chief financial officer positions including
at publicly-traded Sizmek, Inc., Digital Generation, Inc.,
Intervoice, Inc. and Excel Communications, Inc. He currently serves
on the Board of Directors of Independent Bank Group, Inc.
(NASDAQ:IBTX) where he is chairman of the audit committee, and Hobi
International, Inc. Mr. Holmes earned his master's degree and
Bachelor of Business Administration in Accounting from Texas Tech
University.
Before joining Global Power, Mr. Howsman was Vice President and
Controller of Blue Lynx Media, a subsidiary of Tribune Publishing
Company. He also worked at Dresser, Inc. (later acquired by General
Electric) as Director of their Accounting Shared Services Center
from 2010 to 2011 and Assistant Corporate Controller from 2007
through 2010. Mr. Howsman is a Certified Public Accountant,
Certified Management Accountant and Certified Internal Auditor. He
received his B.B.A. in Accounting from Texas State University – San
Marcos.
The Company also announced that the Compensation Committee of
its Board of Directors approved employment inducement awards for
Mr. Holmes as well as Mr. Peter Dawes, recently appointed President
of the Company's Auxiliary Products segment. Such awards were
granted in accordance with the rules of the NYSE.
Mr. Holmes received 40,000 time-based restricted share units
which vest annually in thirds beginning on March 31, 2016. Mr.
Holmes also received 40,000 performance-based restricted share
units which vest based on the Company's achievement of certain
performance objectives for each fiscal year occurring between
January 1, 2015 and December 31, 2017, with the performance
objective for the 2015 fiscal year deemed satisfied at the "target"
level of performance. Mr. Dawes received 30,000 time-based
restricted share units which vest in two equal installments on
September 15, 2016 and March 15, 2017. He also received 30,000
performance-based restricted share units which vest based on the
Company's achievement of certain performance objectives, in two
equal installments on March 15, 2017 and September 15, 2017.
About Global Power Global Power Equipment Group
Inc. is a design, engineering and manufacturing firm providing a
broad array of equipment and services to the global power
infrastructure, energy and process industries. The Products segment
includes two primary product categories: Auxiliary Products
designs, engineers and manufactures a comprehensive portfolio of
equipment for utility-scale natural gas turbines while Electrical
Solutions provides custom-configured electrical houses and
generator enclosures for the midstream oil & gas industry, the
power generation market to include distributed and backup power, as
well as other industrial and commercial operations. Services
includes Energy Services, which provides lifecycle maintenance,
repair, construction and fabrication services for the industrial,
chemical/petrochemical process, oil and gas and power generation
industries, and Nuclear Services, which provides on-site specialty
support, outage management and maintenance services to domestic
utilities' nuclear power facilities. The Company routinely provides
information at its website: www.globalpower.com.
Forward-looking Statement Disclaimer
This press release contains "forward-looking statements" within
the meaning of the term set forth in the Private Securities
Litigation Reform Act of 1995. These statements reflect our current
views of future events and financial performance and are subject to
a number of risks and uncertainties. Our actual results,
performance or achievements may differ materially from those
expressed or implied in the forward-looking statements. Risks and
uncertainties that could cause or contribute to such material
differences include, but are not limited to, decreased demand for
new gas turbine power plants, reduced demand for, or increased
regulation of, nuclear power, loss of any of our major customers,
whether pursuant to the loss of pending or future bids for either
new business or an extension of existing business, termination of
customer or vendor relationships, cost increases and project cost
overruns, unforeseen schedule delays, poor performance by our
subcontractors, cancellation of projects, competition for the sale
of our products and services, including competitors being awarded
business by our customers that had previously been provided by
Global Power, shortages in, or increases in prices for, energy and
materials such as steel that we use to manufacture our products,
damage to our reputation, warranty or product liability claims,
increased exposure to environmental or other liabilities, failure
to comply with various laws and regulations, failure to attract and
retain highly-qualified personnel, loss of customer relationships
with critical personnel, effective integration of acquisitions,
volatility of our stock price, deterioration or uncertainty of
credit markets, and changes in the economic, social and political
conditions in the United States and other countries in which we
operate, including fluctuations in foreign currency exchange rates,
the banking environment or monetary policy.
In addition, more information may arise during the course of the
Company's previously-announced ongoing accounting review of its
previously issued financial statements that would require the
Company to make additional adjustments or revisions or to restate
further such financial statements. The time required to complete
the financial statements and accounting review may cause our
results to differ materially from those described in the
forward-looking statements. Other important factors that may cause
actual results to differ materially from those expressed in the
forward-looking statements are discussed in our filings with the
SEC, including the section of our Annual Report on Form 10-K filed
with the SEC on March 9, 2015 titled "Risk Factors." Except as may
be required by applicable law, we undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, and we
caution you not to rely upon them unduly.
CONTACT: Investor Relations Contact:
Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3908
dpawlowski@keiadvisors.com
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