AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox (B&W) (NYSE: BW) announced today a three-year extension of the contract under which Kenny Young serves as B&W’s CEO, through December 31, 2023. Young also serves as Chairman of the B&W Board of Directors.
Since joining B&W as CEO in November 2018, Young has led a significant turnaround of the Company, including its recovery from losses related to several historical European EPC loss projects, a return to its core technology and delivery model, the implementation of $119 million in cost savings initiatives, and the extension of its credit facility for two years. The Company is now executing a strategic organizational and global branding initiative that is driving the expansion of B&W’s sales, service and business development teams globally. This includes expanding in Europe, Asia, and the Middle East with local offices, sales, and service personnel to provide better service to its customers.
“I am fully committed to B&W’s future and look forward to accelerating the significant progress we have made to strengthen our core businesses and provide shareholder returns,” Young said. “I’m also excited about working with our team to unlock the potential of B&W’s global brands as we grow our business profitably and execute quality projects around the world. B&W is an outstanding company – one with industry-leading technology that helps achieve a clean, sustainable energy and industrial infrastructure.”
The Company also announced that the employment agreement with its Chief Strategy Officer Henry Bartoli has been extended to December 31, 2020, after which time Bartoli will serve in a consulting capacity with the company for a one-year term through December 31, 2021. He will also continue to serve as a member of B&W’s Board of Directors.
“B&W has made an incredible transformation over the last few years and I look forward to working with this highly experienced and talented leadership team and employees to further strengthen our business as we capitalize on the strong pipeline of new opportunities around the world,” Bartoli said.
More information on these matters can be found on the related Form 8-K filed with the SEC today.
Headquartered in Akron, Ohio, B&W is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to cost savings initiatives, the strategic organization and global branding initiative, and the global project opportunities. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.