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New director appointed; A director announces his retirement
HOUSTON–(BUSINESS WIRE)–Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today announced the appointment of Quentin P. Smith, Jr. to the Board of Directors, as well as the retirement of Richard L. Daerr, Jr. as a member of the Board of Directors.
The Board’s appointment of Mr. Smith to the Board of Directors is effective January 21, 2022. His initial term will expire at the 2022 annual meeting of shareholders, at which time the Board will propose the re-election of Mr. Smith as class II member. Director until the 2024 Annual Meeting of Shareholders. In addition, Richard L. Daerr, Jr. announced his retirement from the Board effective May 20, 2022. Mr. Daerr has served on the Board since 2007 and served as Chairman of the Board. board of directors from 2007 to 2020. With the appointment of Mr. Smith and the retirement of Mr. Daerr, the board of directors of Orion Group Holdings, Inc. will be temporarily expanded to eight directors.
Austin Shanfelter, chairman of the company’s board of directors, said, “We are delighted to welcome Quentin as our new independent director. He brings a wealth of experience, particularly in strategic planning, business development and governance, and we are confident he will provide valuable insights as we continue to execute on our strategy to be a leading specialist construction company. focused on providing solutions to our customers around the world. infrastructure, industry and building sectors while maximizing value for stakeholders. We would also like to thank Richard for his years of service to the Company and his many valuable contributions, including his leadership of the Board of Directors in Orion’s transition to a public company, setting governance standards and Company growth. We wish him the best in his future endeavours. »
About Quentin P. Smith, Jr.
Mr. Smith is President of Cadre Business Advisors, LLC, a professional management consulting firm specializing in strategic planning, business development and improving business performance. He has 40 years of experience providing management services to public and private companies and government agencies of virtually every size and scope. To effectively execute business strategies, he often assumes the role of chairman of the board, interim CEO, or special advisor to the CEO, assuming responsibility for corporate governance, capital formation, of the company’s operating strategy and its profitability. He is President of Banner Health and serves on its Executive and Nominating, Governance and Compensation Committees; and is a director of Store Capital (NYSE: STOR), chairs its compensation committee and sits on its nominating and governance committee. He has also served on the board of directors of the Arizona Public Service (NYSE: PNW), Rodel, Inc., iCrossing, Arizona MultiBank, Greater Phoenix Leadership, and the Morrison Institute for Public Policy at Arizona State University. Mr. Smith holds a bachelor’s degree in industrial management and computer science from Purdue University’s Krannert School of Business and a master’s degree in business administration from Pepperdine University in Malibu, California.
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and construction sectors, provides on and off water services in the continental United States, Alaska, Canada and the Caribbean Basin through its maritime segment and its concrete segment. The Company’s marine segment provides construction and dredging services related to construction of marine transportation facilities, construction of marine pipelines, marine environmental structures, dredging of waterways, canals and ports, environmental dredging, design and specialized services. Its concrete segment provides turnkey concrete construction services, including pouring and finishing, earthwork, layout, formwork, rebar and mesh in the light commercial, structural and other associates. The company is headquartered in Houston, Texas, with regional offices in all of its operating areas.
Matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, upon which the Company relies. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “will”, “could”, “should”, “seek”, ” about”, “intends”, “plans”, “estimates” or “anticipates”, or their negative form or any other comparable terminology, or through discussions of strategy, plans, objectives, intentions, estimates, forecasts, prospects, assumptions or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statements, express or implied, regarding future operating results or future generation or ability to generate income , revenue, net profit, profit, EBITDA, EBITDA margin or cash flow, including for debt service, and including any estimates, forecasts or assumptions regarding future revenues or growth of earnings, are forward-looking statements. Forward-looking statements also include the estimated start date of the project, anticipated revenues and contract options that may or may not be awarded in the future. Forward-looking statements involve risks, including those associated with the Company’s fixed-price contracts that impact earnings, unforeseen productivity delays that may affect the ultimate profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in customer funding, levels and predictability of government funding or other government budget constraints and any potential contract options that may or may not be awarded in the future, and are at the sole discretion of the award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be taken as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions or objectives will be achieved or achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update the information contained in this press release, whether as a result of new developments or otherwise.
Please see the Company’s Annual Report on Form 10-K filed March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or on the SEC’s website at www.oriongroupholdingsinc.com. sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.
Orion Group Holdings Inc.
Francis Okoniewski, Vice President of Investor Relations
Source: Orion Group Holdings, Inc.