23:44 | 03.01.2018
B&W Appoints Three New Independent Directors
Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE:BW) announced today that
it has appointed Brian R. Kahn, Henry E. Bartoli and Matthew E. Avril to
the Company’s Board of Directors. Mr. Kahn is the founder and managing
partner of Vintage Capital Management, which owns 14.9% of the Company’s
common shares. Mr. Bartoli is an established executive with over 35
years of experience in the global power industry; Mr. Avril has over 35
years of financial and operational experience in private and public
Mr. Kahn, Mr. Bartoli and Mr. Avril will also each serve as an
independent director and member of a committee of the Board.
“We welcome Brian, Henry and Matt to the B&W Board of Directors,” said
Stephen G. Hanks, Lead Independent Director. “They add strong industry,
financial and governance expertise. The entire Board and management team
remain focused on improving the Company’s profitability, cash flow and
financial flexibility. Our new Board members will provide valuable
perspectives as we work toward achieving these goals and driving
Brian Kahn said, “We believe that B&W has a strong foundation and that
there is significant opportunity for value creation within the Company.
As part of the enhanced Board, I look forward to working constructively
with my colleagues to help guide the Company in enhancing value for all
Director BiosBrian R. Kahn is the Managing Partner and Founder of Vintage
Capital. He has held positions on the boards of directors for a number
of public companies including Aaron’s, Inc., API Technologies Corp.,
White Electronics Design, and Integral Systems, among others. He began
his career at Fidelity Investments and holds a degree in Economics from
Henry E. Bartoli has over 35 years of experience in all aspects
of the global power industry. Most recently, Mr. Bartoli served as
President and Chief Executive Officer of Hitachi Power Systems America,
Ltd. Previously, Mr. Bartoli held positions at large engineering firms
including The Shaw Group, Foster Wheeler Corp., and Burns and Roe
Matthew E. Avril has over 35 years of executive experience for
public and private businesses. He most recently served as Chief
Executive Officer of Diamond Resorts International, and previously spent
over 20 years in a number of executive roles at various subsidiaries of
Starwood Hotels and Resorts Worldwide. He has held positions on the
boards of directors of several public companies and also serves on the
boards of multiple investment firms.
In connection with the changes to its Board, the Company entered into an
agreement with Vintage Capital Management and certain of its affiliates.
The text of the agreement is being filed on a Form 8-K with the
Securities and Exchange Commission.
Shareholders believed to hold 11.3% of the Company’s common shares
separately agreed to vote for the expanded Board at the 2018 Annual
Meeting of Shareholders.
About B&WHeadquartered in Charlotte, N.C., Babcock & Wilcox is a global leader
in energy and environmental technologies and services for the power and
industrial markets, and has been transforming our world for 150 years.
Follow us on Twitter @BabcockWilcox
and learn more at www.babcock.com.
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