Kirby Corporation Announces Changes To Its Board Of Directors
- C. Berdon Lawrence retires from Board after 13 years of service
- William M. Waterman, former President of Penn Maritime, elected to Board
HOUSTON, Dec. 20, 2012
HOUSTON, Dec. 20, 2012 /PRNewswire/ -- Kirby Corporation ("Kirby") (NYSE:KEX)
announced today the retirement of C. Berdon Lawrence from the Kirby Board of
Directors effective December 31, 2012. Mr. Lawrence is retiring to devote
more time to family and other business interests.
Mr. Lawrence served as Chairman of the Board of Kirby from October 1999 to
April 2010 and has served as Chairman Emeritus of the Kirby Board since April
2010. Mr. Lawrence was the founder and former President of Hollywood Marine,
Inc. ("Hollywood"), an inland tank barge company acquired by Kirby in October
Commenting on Mr. Lawrence's retirement from the Kirby Board, Joe Pyne,
Kirby's Chairman of the Board and Chief Executive Officer, said, "I have
enjoyed working with Berdon for many years on industry issues and for the last
13 years as Kirby's Chairman and Chairman Emeritus. Berdon has served with
distinction on the Kirby Board, helping guide the growth of Kirby from $753
million of assets in 1999 to over $3.0 billion today and our revenue from $513
million in 1999 to over $2.0 billion for 2012."
William M. Waterman, the former President of Penn Maritime Inc. ("Penn"),
acquired by Kirby on December 14, 2012, was elected to the Kirby Board
effective December 31, 2012. Penn operates 18 tank barges and 16 tugboats
participating in the coastal transportation of primarily black oil products,
including crude oil, along the East Coast and Gulf Coast of the United States.
Commenting on the election of Mr. Waterman to the Kirby Board, Mr. Pyne
stated, "Bill brings a wealth of expertise and knowledge of the coastal
transportation of black oil products by tank barge, having served as President
of Penn since 1983. We are looking forward to leveraging Bill's knowledge as
we continue to grow Kirby and create stockholder value."
Kirby Corporation, based in Houston, Texas, is the nation's largest domestic
tank barge operator, transporting bulk liquid products throughout the
Mississippi River System, the Gulf Intracoastal Waterway, coastwise along all
three United States coasts and in Alaska and Hawaii. Kirby transports
petrochemicals, black oil products, refined petroleum products and
agricultural chemicals by tank barge. Through the diesel engine services
segment, Kirby provides after-market service for medium-speed and high-speed
diesel engines and reduction gears used in marine and power generation
applications. Kirby also distributes and services high-speed diesel engines,
transmissions, pumps, compression products and manufactures and remanufactures
oilfield service equipment, including pressure pumping units, for the
land-based pressure pumping and oilfield service markets.
Statements contained in this press release with respect to the future are
forward-looking statements. These statements reflect management's reasonable
judgment with respect to future events. Forward-looking statements involve
risks and uncertainties. Actual results could differ materially from those
anticipated as a result of various factors, including cyclical or other
downturns in demand, significant pricing competition, unanticipated additions
to industry capacity, changes in the Jones Act or in U.S. maritime policy and
practice, fuel costs, interest rates, weather conditions, and timing,
magnitude and number of acquisitions made by Kirby. Forward-looking
statements are based on currently available information and Kirby assumes no
obligation to update such statements. A list of additional risk factors can
be found in Kirby's annual report on Form 10-K for the year ended December 31,
2011, filed with the Securities and Exchange Commission.
SOURCE Kirby Corporation
Contact: Steve Holcomb, +1-713-435-1135
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