IRVING, Texas, Sept. 26, 2013 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power") announced today leadership appointments for the business units that will comprise the Company's Products and Solutions segments effective at the end of the year for reporting purposes. The Products Division will include the Auxiliary Products and Electrical Solutions product lines. The Services Division becomes Nuclear Services and Energy Services business units. The realignment is intended to establish Global Power as a solutions-oriented and customer-centric organization.
"The realignment of Global Power is critical to achieving our goal of doubling revenue and operating margin over the next three to five years. With our acquisitions, we have new capabilities, a broader product offering and the critical mass that enables this realignment. We are implementing lean processes and taking cost out of the business. We expect the broad commercial experience and deep expertise of this energized leadership team will leverage new opportunities to expand our penetration into the natural gas growth trend," commented Luis Manuel Ramírez, President and Chief Executive Officer of Global Power.
Penny Sherrod-Campanizzi has been appointed President of the Electrical Solutions product line that will be comprised of Koontz-Wagner and IBI. Ms. Sherrod-Campanizzi joined Global Power in 2010 as Chief Operating Officer of our Services Division, then served as Senior Vice President of Operations and Support and was named President of Energy, Parts and Control Solutions for the Products Division in November 2012. She has over 30 years experience in the power generation industry including leadership roles at Babcock and Wilcox.
John A. Durkee will join the organization as President of the Auxiliary Products product line within the Products Division effective October 1, 2013. Auxiliary Products will be comprised of filter houses, inlet and exhaust systems, diverter dampers, SCRs and other products associated with the historic Braden business. Mr. Durkee brings over 25 years of global experience in the energy sector, most recently providing engineering services to industrial and power generation markets with an emphasis on U.S. utilities. Prior to joining Global Power, he managed the North American Power and Industrial Engineering and Construction Services business of SNC Lavalin. Prior thereto, he was President at Brand Energy and Infrastructure Services where he oversaw and implemented strategic and tactical growth initiatives. Previously, Mr. Durkee spent 15 years in progressively challenging roles within GE Energy.
In the Services Division, Neil Riddle has been named President of Nuclear Services. Nuclear Services will be comprised of the nuclear maintenance and specialty services business of its historic Williams operation. Mr. Riddle has over 25 years of experience in EPC management with a focus on power generation. He joined Global Power in early 2013 following seven years with The Shaw Group, where he was most recently Executive Vice President overseeing the Maintenance and Construction Services businesses for the industrial process and power generation industries. Prior to his tenure at The Shaw Group, Mr. Riddle served as a General Manager with Caddell Construction Co. where he was responsible for all construction operations in the power business line.
Tedd Sellers has been appointed President of the Energy Services business unit. Energy Services will have three target markets: utilities, oil & gas, and industrial. It will be comprised of the recently acquired Hetsco, TOG and the industrial and fossil business of Williams. Mr. Sellers has almost 20 years of experience in the energy industry with General Electric Company ("GE"), where he has held a variety of project management, commercial leadership and executive management positions. Most recently he was the Global Service Leader for GE Gas Engines where he implemented and managed the strategy and execution of the global Gas Engines Service business. Prior to that Mr. Sellers was Regional General Manager of Power Generation Services in southern Asia, where he was responsible for the execution of transactional and long-term service agreements with both fossil and nuclear power plant owners and operators.
Dean Glover will resign from his position as President of the Products Division effective September 30. He will be assisting in the leadership transition over the next 30 days prior to departing Global Power to pursue other interests. Mr. Glover joined Global Power in December 2005 as Chief Operating Officer of Braden Manufacturing and was promoted to President of the Products Division in September 2008. He was instrumental in advancing Global Power's leadership position as a provider of auxiliary products for utility scale natural gas turbines around the world.
Mr. Ramírez concluded, "We thank Dean for his immeasurable contributions to Global Power's success over the years and appreciate his efforts with the transition as we realign the Company. We wish him well in all of his future endeavors."
About Global Power
Texas-based 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. Through its Services Division, Nuclear Services provides on-site specialty support, outage management and maintenance services to domestic utilities' nuclear power facilities; and Energy Services provides lifecycle maintenance and repair support services for the industrial, oil & gas and utilities markets. With over 40 years of power generation industry experience the Products Division designs, engineers and manufactures a comprehensive portfolio of equipment for utility scale natural gas turbines and electrical solutions for the oil & gas industry and other industrial operations. 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 that 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, 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, 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, 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. 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 Securities and Exchange Commission, including the section of our Annual Report on Form 10-K filed with the SEC on March 7, 2013 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.
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Source:Global Power Equipment Group Inc.