Integrated Electronics (NYSE:IES)
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From Jun 2019 to Jun 2024
Integrated Electrical Services Names C. Byron Snyder as President
and Chief Executive Officer
Also Announces Additional Management Changes
HOUSTON, June 2 /PRNewswire-FirstCall/ -- Integrated Electrical Services, Inc.
(NYSE:IES) today announced that H. Roddy Allen has retired as President, Chief
Executive Officer, and a director of IES effective June 30, 2005. The
Company's Board of Directors has appointed C. Byron Snyder, current Chairman of
the Board, as President and Chief Executive Officer.
The Board of Directors expressed its appreciation for Mr. Allen's service.
Speaking on behalf of the board, Mr. Snyder stated, "We are grateful to Roddy
for his leadership and his contributions to IES over the last three and a half
years. We remain focused on adapting our businesses to address the emerging
demands of a changing marketplace."
Mr. Snyder, age 56, is the founder of IES and has been Chairman of the Board
since its inception in 1997. He has remained involved with the Company
throughout its development and now devotes the majority of his time to IES'
executive operations. The IES Board of Directors has requested that Mr. Snyder
assume the additional positions of President and CEO because of his extensive
banking, financing and entrepreneurial expertise.
Mr. Snyder was owner and President of Sterling City Capital LLC, a private
investment company founded in 1977, which developed and financed a number of
public and private companies. As a result of these investment and
developmental activities, Mr. Snyder has been involved in the execution of
various capital market transactions, including public equity and high yield
debt offerings, private mezzanine financing and private equity financings. In
1992, he was involved in financing a diverse group of companies, including
Carriage Services and Relco Refrigeration Company.
Prior to 1992, Mr. Snyder was owner and Chief Executive Officer of Southwestern
Graphics International, a diversified holding company which owned Brandt &
Lawson Printing Company and Acco Waste Paper Company, an independent recycling
business. Brandt & Lawson was sold to a regional consolidator in 1989, and
Acco Waste Paper was sold to Browning-Ferris Industries in 1990.
A graduate of Texas Tech with a B.B.A. in Finance, Mr. Snyder pursued a career
in commercial banking which he continued until 1976. He currently serves on
the Board of Advisors for the Cox School of Business at Southern Methodist
University. He has been a member of the Young Presidents Organization since
1987 and is also a member of the World Presidents Organization.
Other Management Changes
IES has made two additional management changes. Gregory H. Upham, CPA, has
been appointed Vice President and Chief Accounting Officer effective June 8,
2005, a position previously held by David Miller prior to Mr. Miller's
appointment as Chief Financial Officer of IES in January 2005. Additionally,
Bob Callahan has been promoted to Senior Vice President of Human Resources.
Mr. Upham previously held various financial positions within multiple
industries. Since 2004, he served as a consultant for Game Ventures, Inc., a
start up in the video game development industry. From 2000 to 2003, he held
the positions of Chief Financial Officer, Treasurer, and Corporate Controller
for Hostcentric, Inc., one of the largest privately held Internet
infrastructure service providers. Prior to that, Mr. Upham held positions with
Coach USA and Arthur Andersen LLP. Mr. Upham earned his Bachelor's degree in
Accounting and Finance from the University of Houston.
Mr. Callahan has been Vice President of Human Resources at IES since February
2005 and was Vice President of Employee Relations since 2004. He has been
with the company since 2001, after having spent 11 years with the H.E. Butt
Grocery Company where he served as Director of Human Resources. Mr. Callahan
has served as a faculty member at the University of Texas at San Antonio where
he taught Employment Law, Human Resources Management and Business
Communications. Mr. Callahan holds an Executive MBA from the University of
Texas at Austin and a Bachelor of Arts degree in Business Administration from
Loyola University in Chicago.
Integrated Electrical Services, Inc. is a national provider of electrical
solutions to the commercial and industrial, residential and service markets.
The company offers electrical system design and installation, contract
maintenance and service to large and small customers, including general
contractors, developers and corporations of all sizes.
This Press Release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on the Company's
expectations and involve risks and uncertainties that could cause the Company's
actual results to differ materially from those set forth in the statements.
Such risks and uncertainties include, but are not limited to, the inherent
uncertainties relating to estimating future operating results or our ability to
generate sales, income, or cash flow, potential difficulty in addressing
material weaknesses in the Company's accounting systems that have been
identified to the Company by its independent auditors, potential limitations on
our ability to access the credit line under our credit facility, litigation
risks and uncertainties, fluctuations in operating results because of downturns
in levels of construction, inaccurate estimates used in entering into and
executing contracts, difficulty in managing the operation of existing entities,
the high level of competition in the construction industry, changes in interest
rates, the general level of the economy, level of competition from other
electrical contractors, increases in costs of labor, steel, copper and
gasoline, limitations on the availability and the increased costs of surety
bonds required for certain projects, inability to reach agreements with our
surety or co-surety bonding company to provide sufficient bonding capacity,
risk associated with failure to provide surety bonds on jobs where we have
commenced work or are otherwise contractually obligated to provide surety
bonds, loss of key personnel, disruption from changes in senior management,
business disruption and costs associated with the Securities and Exchange
Commission investigation and class action litigation, inability to reach
agreement for planned sales of assets, business disruption and transaction
costs attributable to the sale of business units, costs associated with the
closing of business units, unexpected liabilities associated with warranties or
other liabilities attributable to the retention of the legal structure of
business units where we have sold substantially all of the assets of the
business unit, inability to fulfill the terms or meet the required financial
covenants of the credit facility, inability to obtain refinancing of our credit
facility on favorable terms. difficulty in integrating new types of work into
existing subsidiaries, inability of subsidiaries to incorporate new accounting,
control and operating procedures, inaccuracies in estimating revenues and
percentage of completion on contracts, and weather and seasonality. You should
understand that the foregoing important factors, in addition to those discussed
in our other filings with the Securities and Exchange Commission ("SEC"),
including those under the heading "Risk Factors" contained in the S-1
Registration Statement, could affect our future results and could cause results
to differ materially from those expressed in such forward-looking statements.
We undertake no obligation to publicly update or revise any forward-looking
statements to reflect events or circumstances that may arise after the date of
this release.
General information about us can be found at http://www.ies-co.com/ under
"Investor Relations." Our annual report on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K, as well as any amendments to those
reports, are available free of charge through our website as soon as reasonably
practicable after we file them with or furnish them to the SEC.
Contacts: David A. Miller, CFO
Integrated Electrical Services, Inc.
713-860-1500
Ken Dennard /
Karen Roan /
DRG&E
713-529-6600
DATASOURCE: Integrated Electrical Services, Inc.
CONTACT: David A. Miller, CFO of Integrated Electrical Services, Inc.,
+1-713-860-1500; or Ken Dennard, , or Karen Roan,
, both of DRG&E, +1-713-529-6600, for Integrated Electrical
Services, Inc.
Web site: http://www.ies-co.com/