Great Lakes Announces Departure of CFO and Appointment of Interim CFO
OAK BROOK, Ill. -- April 10, 2014
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of
dredging services in the United States and a major provider of environmental
and remediation services, announces that William Steckel, Chief Financial
Officer, is leaving the Company to accept a senior management position with a
privately held company. Concurrently, Vice President and Controller Katherine
M. Hayes has been appointed interim CFO. The transition is effective April 24,
Jonathan Berger, Chief Executive Officer stated, “I’d like to thank Bill for
his many contributions to Great Lakes over the past two years. Bill has helped
us navigate through many issues in his tenure, including leading our efforts
to remediate the material weakness in internal control associated with our
former demolition business, reorganizing and upgrading our accounting and
finance functions, helping restructure and upgrade our purchasing and risk
management functions, and launching our ERP system upgrade. Bill leaves us
with a first-rate financial team in place, which I am confident will ensure a
seamless transition during this interim period.”
Ms. Hayes joined Great Lakes in January 2006 and has increased her level of
responsibility since then. She was the Treasurer of the Company from March
2011 until she was named Vice President and Controller in November 2013. Her
responsibilities include corporate accounting, financial reporting,
forecasting and budgeting, investor relations and risk management. She
previously served as director of corporate accounting for TransUnion.
The Company will begin a search for a new CFO immediately.
Great Lakes Dredge & Dock Corporation is the largest provider of dredging
services in the United States and the only U.S. dredging company with
significant international operations. The Company is also a significant
provider of environmental and remediation services. The Company owns a 50%
interest in a marine sand mining operation in New Jersey that supplies sand
and aggregate for road and building construction and a 50% interest in an
environmental service operation with the ability to remediate soil and dredged
sediment treatment. Great Lakes employs over 150 degreed engineers, most
specializing in civil and mechanical engineering, which contributes to its
124-year history of never failing to complete a marine project. Great Lakes
has a disciplined training program for engineers that ensures
experienced-based performance as they advance through Company operations.
Great Lakes also owns and operates the largest and most diverse fleet in the
U.S. industry, comprised of over 200 specialized vessels.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking"
statements as defined in Section 21E of the Securities Exchange Act of 1934
(the "Exchange Act"), the Private Securities Litigation Reform Act of 1995
(the "PSLRA") or in releases made by the Securities and Exchange Commission
(the "SEC"), all as may be amended from time to time. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors that could cause the actual results, performance or achievements of
Great Lakes and its subsidiaries, or industry results, to differ materially
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Statements that are not historical fact are
forward-looking statements. Forward-looking statements can be identified by,
among other things, the use of forward-looking language, such as the words
"plan," "believe," "expect," "anticipate," "intend," "estimate," "project,"
"may," "would," "could," "should," "seeks," or "scheduled to," or other
similar words, or the negative of these terms or other variations of these
terms or comparable language, or by discussion of strategy or intentions.
These cautionary statements are being made pursuant to the Exchange Act and
the PSLRA with the intention of obtaining the benefits of the "safe harbor"
provisions of such laws. Great Lakes cautions investors that any
forward-looking statements made by Great Lakes are not guarantees or
indicative of future performance. Important assumptions and other important
factors that could cause actual results to differ materially from those
forward-looking statements with respect to Great Lakes, include, but are not
limited to, risks and uncertainties that are described in Item 1A. "Risk
Factors" of Great Lakes’ Annual Report on Form 10-K for the year ended
December 31, 2012, and in other securities filings by Great Lakes with the
Although Great Lakes believes that its plans, intentions and expectations
reflected in or suggested by such forward-looking statements are reasonable,
actual results could differ materially from a projection or assumption in any
forward-looking statements. Great Lakes' future financial condition and
results of operations, as well as any forward-looking statements, are subject
to change and inherent risks and uncertainties. The forward-looking statements
contained in this press release are made only as of the date hereof and Great
Lakes does not have or undertake any obligation to update or revise any
forward-looking statements whether as a result of new information, subsequent
events or otherwise, unless otherwise required by law.
Great Lakes Dredge & Dock Corporation
Katie Hayes, 630-574-3012
Press spacebar to pause and continue. Press esc to stop.