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Who will be in charge?
Global Power Equipment Group Inc. (NYSE:GLPW) today announced that it has entered into a new employment agreement with Terence Cryan pursuant to which he will continue to serve as the Company’s President and Chief Executive Officer, a position he first assumed on an interim basis on March 20 of this year. The new employment agreement is for a term running through June 1, 2017 and contemplates successive one year renewals thereafter.
Speaking on behalf of the board of directors, Chairman Charles Macaluso said, “The entire board appreciated Terence Cryan’s willingness to assume the role of President and CEO in March of this year to meet the needs of the Company for an orderly transition at that time. Based on his performance since then, we have determined that Terry is the best person to lead Global Power as the Company continues to provide high quality services and products to customers across our businesses, while addressing the challenges related to our recent announcement that the Company’s 2014 financial statements should no longer be relied upon.”
Terence Cryan, commented, “I want to thank my fellow board members for this show of support. I believe the stability achieved by this move will benefit the Company as we move forward. I am highly motivated to overcome our current difficulties and excited about the opportunities that lie ahead.”
Cryan has deep knowledge of the energy industry coupled with broad executive-level experience and extensive expertise in financings, mergers and acquisitions. In 2001 he co-founded Concert Energy Partners, a New York City based investment and private equity firm focused on the energy industry. Over the last 10 years, Cryan has been chief executive officer of a number of publicly traded, private and non-profit entities. He served as president and chief executive officer of Medical Acoustics LLC from 2007 through 2010 and as interim president and chief executive officer of Uranium Resources Inc. from September 2011 through April 2012. Before 2001, Cryan was a senior managing director in the Investment Banking Division at Bear Stearns. He has over 25 years of experience in international business in the United States and Europe, including having served as managing director and the Group Head of the Energy & Natural Resources Industry Group at Paine Webber.
Having been a director of Global Power since January 2008, Cryan will continue on the board while serving as President and CEO. Until his appointment as President and CEO in March of this year, he served as chair of both the compensation committee and the nominating and corporate governance committee. In December 2014, Cryan was named a Board Leadership Fellow by the National Association of Corporate Directors. He holds a Master of Science in Economics from the London School of Economics and a Bachelor of Arts degree from Tufts University.
– See more at: https://globenewswire.com/news-release/2015/07/02/749510/10140575/en/Global-Power-Announces-Terence-Cryan-Will-Continue-as-Permanent-CEO.html#sthash.niZXrC5M.dpuf
