CINCINNATI, Jan. 24, 2017 /PRNewswire/ -- CECO
Environmental Corp. (Nasdaq:CECE), a leading global energy,
environmental, and industrial technology company today announced
that Jeffrey Lang, the Company's
Chief Executive Officer, President and a director, has decided to
step down as CEO, President and a member of the Board of Directors
as of February 1, 2017. The
Board has appointed Dennis
Sadlowski, currently a member of the Board, to serve as
interim CEO while a search process is conducted to identify a
permanent CEO. Mr. Lang has agreed to be available to the
Company through a transition process.
"We want to thank Jeff for the leadership and integrity he has
provided during his seven years at CECO Environmental. There
has been considerable progress made in building CECO for the
future. Jeff recognized that now is the best time to find a
new voice to lead CECO through its next growth phase. On
behalf of the Board and all CECO employees, we wish Jeff all the
best in the next step of his career," said CECO's Chairman,
Jason DeZwirek.
Jeff Lang said "I am proud of the
progress that we have achieved at CECO over the past seven years
and I am most proud of the senior business leaders that we have
been able to attract and develop. I know CECO is very well
positioned for the future through its quality leadership,
asset-light business model and expanding recurring revenue and
global footprint. I look forward to following the Company's
future success in the years to come."
Jason DeZwirek added "We are
fortunate to have someone with Dennis' capabilities on the Board
ready to lead the continued progress at CECO. He has
extensive experience leading industrial companies with a strong
market focus to drive financial performance."
Mr. Sadlowski, 55, previously held a number of senior leadership
roles including CEO of Siemens Energy and Automation, COO of LSG
Sky Chefs, and CEO of International Battery. Mr. Sadlowski also
previously worked at General Electric and Thomas & Betts. Mr.
Sadlowski continues to serve on the board of directors and audit
committee of Trojan Battery, a privately-held global leader in deep
cycle lead-acid batteries. He earned a Bachelor's degree in
Chemical and Nuclear Engineering from the University of California at Berkeley, and his
Master's Degree in Business Administration from Seattle
University.
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a
leading global technology company that is committed to clean, safe
and efficient fluid handling and filtration, energy, and
environmental air pollution control. Through its well-known brands,
CECO provides a wide spectrum of products and services that play a
vital role in helping companies achieve exacting production
standards, and meet increasing plant needs and stringent emissions
control regulations. For more information, visit the company's
website at www.cecoenviro.com.
SAFE HARBOR
Any statements contained in this press
release other than statements of historical fact, including
statements about management's beliefs and expectations, are
forward-looking statements and should be evaluated as such. These
statements are made on the basis of management's views and
assumptions regarding future events and business performance. Words
such as "estimate," "believe," "anticipate," "expect," "intend,"
"plan," "target," "project," "should," "may," "will" and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements (including oral representations) involve
risks and uncertainties that may cause actual results to differ
materially from any future results, performance or achievements
expressed or implied by such statements. These risks and
uncertainties include, but are not limited to: our ability to
successfully integrate acquired businesses and realize the
synergies from acquisitions, including PMFG, as well as a number of
factors related to our business including economic and financial
market conditions generally and economic conditions in CECO's
service areas; dependence on fixed price contracts and the risks
associated therewith, including actual costs exceeding estimates
and method of accounting for contract revenue; fluctuations in
operating results from period to period due to seasonality of the
business; the effect of growth on CECO's infrastructure, resources,
and existing sales; the ability to expand operations in both new
and existing markets; the potential for contract delay or
cancellation; changes in or developments with respect to any
litigation or investigation; the potential for fluctuations in
prices for manufactured components and raw materials; the
substantial amount of debt incurred in connection with our recent
acquisitions and our ability to repay or refinance it or incur
additional debt in the future; the impact of federal, state or
local government regulations; economic and political conditions
generally; and the effect of competition in the environmental,
energy and fluid handling and filtration industries. These and
other risks and uncertainties are discussed in more detail in
CECO's filings with the Securities and Exchange Commission,
including our reports on Form 10-K and Form 10-Q. Many of these
risks are beyond management's ability to control or predict. Should
one or more of these risks or uncertainties materialize, or should
the assumptions prove incorrect, actual results may vary in
material aspects from those currently anticipated. Investors are
cautioned not to place undue reliance on such forward-looking
statements as they speak only to our views as of the date the
statement is made. All forward-looking statements attributable to
CECO or persons acting on behalf of CECO are expressly qualified in
their entirety by the cautionary statements and risk factors
contained in this press release and CECO's respective filings with
the Securities and Exchange Commission. Furthermore,
forward-looking statements speak only as of the date they are made.
Except as required under the federal securities laws or the rules
and regulations of the Securities and Exchange Commission, CECO
undertakes no obligation to update or review any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contact:
Jason
DeZwirek
Chairman
1-800-606-2326
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SOURCE CECO Environmental Corp.