HC2 Holdings Appoints Wayne Barr, Jr. as Chief Executive Officer
01 December 2020 - 12:30AM
HC2 Holdings, Inc. (“HC2” or the “Company”) (NYSE:HCHC), a
diversified holding company, announced today its Board of Directors
has appointed Wayne Barr, Jr. as Chief Executive Officer, effective
as of November 25, 2020. Mr. Barr, 56, has been serving as interim
Chief Executive Officer since June 2020 and as a director since
2014.
Avie Glazer, Chairman of the Board of Directors
of HC2, said, “Wayne has done an excellent job guiding HC2 and
taking the steps needed to focus our portfolio and enhance our
capital structure, including the completion of our recent $65
million rights offering. Wayne knows our assets and our people, and
is the clear choice to lead the Company forward.”
“I am excited about the opportunity to continue
to lead our talented team forward,” said Mr. Barr. “We’re making
substantial progress focusing our business for profitability and
growth, and sustainably strengthening our capital structure to
create value for our stockholders.”
In addition to serving as interim CEO, Mr. Barr
has been a director of HC2 since 2014. Mr. Barr served as President
and CEO of CCUR Holdings, Inc. (OTCQB: CCUR) from March 2019 to
June 2020, and is also a member of the Board of Directors of Alaska
Communications Group, Inc., (NASDAQ: ALSK). Mr. Barr founded
Oakleaf Consulting Group LLC, a management consulting firm focusing
on technology and telecommunications companies, in 2001. Mr. Barr
also co-founded and was president from 2003 to 2008 of Capital
& Technology Advisors, a consulting and restructuring firm. Mr.
Barr has previously served on the Boards of Directors of several
companies, including most recently as a director of Aviat Networks,
Inc. (NASDAQ: AVNW) from November 2016 to November 2018. Mr. Barr
received his J.D. degree from Albany Law School of Union University
and is admitted to practice law in New York State.
About HC2
HC2 Holdings, Inc. is a publicly traded
(NYSE:HCHC) diversified holding company, which seeks opportunities
to acquire and grow businesses that can generate long-term
sustainable free cash flow and attractive returns in order to
maximize value for all stakeholders. HC2 has a diverse array of
operating subsidiaries across multiple reportable segments,
including Infrastructure, Clean Energy, Life Sciences, Spectrum,
Insurance and Other. HC2’s largest operating subsidiary is DBM
Global Inc., a family of companies providing fully integrated
structural and steel construction services. Founded in 1994, HC2 is
headquartered in New York, New York. For more information, please
visit www.hc2.com.
Cautionary Statement
Regarding Forward-Looking Statements
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: This press release
contains, and certain oral statements made by our representatives
from time to time may contain, forward-looking statements.
Generally, forward-looking statements include information
describing actions, events, results, strategies and expectations
and are generally identifiable by use of the words “believes,”
“expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,”
“projects,” “may,” “will,” “could,” “might,” or “continues” or
similar expressions. The forward-looking statements in this press
release include, without limitation, any statements regarding our
expectations regarding building shareholder value, future cash
flow, longer-term growth and invested assets, reducing HC2’s
leverage and interest expense, and the timing or prospects of any
refinancing of HC2’s remaining corporate debt. Such statements are
based on the beliefs and assumptions of HC2’s management and the
management of HC2’s subsidiaries and portfolio companies. The
Company believes these judgments are reasonable, but you should
understand that these statements are not guarantees of performance
or results, and the Company’s actual results could differ
materially from those expressed or implied in the forward-looking
statements due to a variety of important factors, both positive and
negative, that may be revised or supplemented in subsequent
statements and reports filed with the Securities and Exchange
Commission (“SEC”), including in our reports on Forms 10-K, 10-Q,
and 8-K. Such important factors include, without limitation: issues
related to the restatement of our financial statements; the fact
that we have historically identified material weaknesses in our
internal control over financial reporting, and any inability to
remediate future material weaknesses; capital market conditions,
including the ability of HC2 and HC2’s subsidiaries to raise
capital; the ability of HC2’s subsidiaries and portfolio companies
to generate sufficient net income and cash flows to make upstream
cash distributions; volatility in the trading price of HC2 common
stock; the ability of HC2 and its subsidiaries and portfolio
companies to identify any suitable future acquisition or
disposition opportunities; our ability to realize efficiencies,
cost savings, income and margin improvements, growth, economies of
scale and other anticipated benefits of strategic transactions;
difficulties related to the integration of financial reporting of
acquired or target businesses; difficulties completing pending and
future acquisitions and dispositions; effects of litigation,
indemnification claims, and other contingent liabilities; changes
in regulations and tax laws; and risks that may affect the
performance of the operating subsidiaries and portfolio companies
of HC2.
Although HC2 believes its expectations and
assumptions regarding its future operating performance are
reasonable, there can be no assurance that the expectations
reflected herein will be achieved. There can be no assurance that
definitive agreements for potential divestitures or other strategic
transactions will be entered into with respect to any of our
subsidiaries, that any such transactions will be consummated, or
the timing, terms, conditions or net proceeds thereof. These risks
and other important factors discussed under the caption “Risk
Factors” in our most recent Annual Report on Form 10-K filed with
the SEC, and our other reports filed with the SEC could cause
actual results to differ materially from those indicated by the
forward-looking statements made in this press release.
You should not place undue reliance on
forward-looking statements. All forward-looking statements
attributable to HC2 or persons acting on its behalf are expressly
qualified in their entirety by the foregoing cautionary statements.
All such statements speak only as of the date made, and unless
legally required, HC2 undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
Investor Relationsir@hc2.com(212) 235-2691
HC2 (NYSE:HCHC)
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