Larry Edwards Announces Retirement as CEO of Global Power Equipment Group Inc.
2005年3月3日 - 6:01AM
PRニュース・ワイアー (英語)
Larry Edwards Announces Retirement as CEO of Global Power Equipment
Group Inc. TULSA, Okla., March 2 /PRNewswire-FirstCall/ -- Global
Power Equipment Group Inc. (NYSE:GEG) ("Company") announced today
that Larry Edwards, 55, has decided to retire as Chief Executive
Officer effective June 30, 2005. Mr. Edwards will continue as
Chairman of the Board of Directors and a member of the Executive
Committee and become a consultant to the Company. The Board
announced that his successor will be Al Brousseau, 54, currently
President and Chief Operating Officer of Global Power Equipment
Group Inc. Mr. Edwards has been with the Company for nearly three
decades and has been a driving force in the Company's success.
Since joining Braden Manufacturing, one of the Company's
subsidiaries, in 1976 as a systems analyst, Mr. Edwards has held a
number of key leadership positions. During the course of his career
he took on positions of increasing responsibility, including being
named General Manager of Braden Steel in 1985 and subsequently
President of Braden Manufacturing in 1989 when Jason Incorporated
purchased the unit. When Jason acquired Deltak in 1994, another
subsidiary of Global Power Equipment Group, Larry was named
President of Jason Power Systems, the parent of Braden
Manufacturing and Deltak. In 1998, Larry and a private equity firm
spearheaded a management-led buyout of Braden and Deltak under the
name of Global Energy Equipment Group, which was later transformed
into Global Power Equipment Group Inc. when the Company launched
its initial public offering in May 2001. Larry was named President
and CEO of the Company in May 2001 and was elected Chairman of the
Board in October 2003. "Larry has done an excellent job of leading
Global Power Equipment Group through a number of major transitions
and has enhanced the Company's value for everyone -- customers,
employees, manufacturing partners and shareholders," said Jerry
Ryan, an independent director and chairman of the board's
nominating committee. The board has greatly valued his leadership
and we are pleased that he will remain Chairman and be actively
involved with the Company on several fronts." Mr. Ryan further
added, "We are equally fortunate that the Board took the
appropriate planning steps and brought on a very capable individual
last fall whom we believe will quickly assume Larry's duties as the
CEO after his retirement. The entire Board has all the faith and
confidence in Al Brousseau's ability to lead the organization and
further expand the Company." "I've been very fortunate to work with
an excellent group of people over the years," said Edwards, "and
their commitment, innovation and customer- centric focus has
produced outstanding results in all market conditions. Like other
members of the Board, I am confident that Al Brousseau will
continue to take the Company forward and further enhance
shareholder value. As CEO, he will bring a strong understanding of
the business and has quickly gained the support and trust of our
entire organization. As Chairman of the Company, I will continue to
work closely with Al and other members of the senior management
team with a particular emphasis on international marketing
initiatives, as well as provide strategic support to Global Power's
business development and integration activities. I want to express
my sincere thanks to the employees, customers and shareholders that
have supported me over the years and I wish all of these groups the
best of success." About Global Power Oklahoma based Global Power
Equipment Group Inc. is a leading design, engineering and
manufacturing firm providing a broad array of equipment and
services to the global energy, power infrastructure and process
industries. The Company designs, engineers and manufactures a
comprehensive portfolio of equipment for gas turbine power plants
and power-related equipment for industrial operations, and has over
30 years of power generation industry experience. The Company's
equipment is installed in power plants and in industrial operations
in more than 40 countries on six continents and believes, in its
product lines, it has one of the largest installed bases of
equipment for power generation in the world. In addition, the
Company provides its customers with value-added services including
engineering, retrofit, maintenance and repair. Additional
information about Global Power Equipment Group may be found at
http://www.globalpower.com/ . Company Contact: Bob Zwerneman
Director of Investor Relations (918) 274-2398 DATASOURCE: Global
Power Equipment Group Inc. CONTACT: Bob Zwerneman, Director of
Investor Relations of Global Power Equipment Group Inc.,
+1-918-274-2398 Web site: http://www.globalpower.com/
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