Global Power Equipment Group Announces Stanley Breitweiser as President of Electrical Solutions and Provides Products Segment Organizational Update
IRVING, Texas, Aug. 13, 2015 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (NYSE:GLPW) ("Global Power") today announced that Stanley "Chip" Breitweiser has joined the Company as President, Electrical Solutions. Mr. Breitweiser brings over 25 years of experience in manufacturing and operations leadership in the energy industry, primarily with the power transmission and distribution segment.
Mr. Terence J. Cryan, President and CEO of Global Power, commented, "We expect Chip's demonstrated capabilities in operational improvements and strategic leadership will improve the performance of our Electrical Solutions product business and create greater added value for our customers. He is joining our team of dedicated associates who are intent upon improved customer service and better on time delivery of high quality products." Mr. Breitweiser will be based in Houston at the recently acquired operations for the Electrical Solutions business.
Mr Breitweiser was with ABB in the Power Transmission, Distribution and Processing Industries businesses for 16 years, where he advanced through progressive senior leadership roles. Since then, he has held executive leadership positions in companies serving the power and energy industries, most recently as chief executive officer of SAE Towers, LLC. He began his career as an engineer for Westinghouse. Mr. Breitweiser holds a Bachelors of Science degree in Mechanical Engineering Technology from Purdue University.
Products Segment Organizational Changes
Other organizational changes for Global Power's Products segment include:
- Timothy Howsman, formerly Global Power's corporate controller, has assumed the role of chief financial officer for the Products segment.
- With the addition of Mr. Breitweiser, John Durkee will resume his role as the leader for the Auxiliary Products business within the Products segment.
- Electrical Solutions has four new plant managers including an internal promotion from the Services segment. Electrical Solutions has also been assigned a new controller.
- Auxiliary Products has recruited seven new commercial sales leaders, with a combined total of 80 years of experience in the power generation and oil and gas industries, to focus on expanding the OEM and aftermarket businesses.
- A new Environmental, Health and Safety leadership position for Products was filled internally from the Services segment.
Mr. Cryan concluded, "We are committed to ensuring a high-performing organization positioned for growth and have made changes to capitalize on existing talent within the Company to strengthen the Products Division, while also bringing in new talent with unique skills and experience where necessary. We believe our greatest asset is our people and are determined to support our team members as they pursue longstanding, successful careers with Global Power."
The Company's process regarding the restatement of its fiscal 2014 financial results is ongoing.
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 firstname.lastname@example.org
Released August 13, 2015