– USA, TX – Global Power Equipment Group Inc. (OTC:GLPW), today announced it has appointed two independent directors to its Board of Directors. Following this appointment, the Global Power Board of Directors now consists of 10 members. The newly appointed directors are as follows:
Charles Macaluso, Chairman of the Board, commented, “With these additions to our Board, we have added a more diversified perspective and broader base of experience. We look forward to their contributions as we progress through our restatement process and continue to develop and execute on a strategy that builds upon our leading positions in our markets.”
Mr. Brown is the Chairman of the Board of Directors of Layne Christensen Company and is a member of the Board of Directors of EMCOR Group, Inc. He is the former President and Chief Executive Officer of Layne Christensen and the former Chairman of the Board of Directors of Pride International, Inc. until it was acquired by Ensco plc in May 2011. A chartered accountant and CPA, Mr. Brown has been involved in the energy industry for the majority of his career and served on several other Boards. Mr. Brown earned his Bachelor of Commerce and a Masters in Accounting from McGill University and his MBA with Distinction from the Harvard Business School.
Ms. Goodspeed is currently a Managing Partner at WealthStrategies Financial Advisors. She is an Independent Director at American Electric Power Corporation, Columbus McKinnon Corporation and AutoZone. Ms. Goodspeed retired in 2013 as Chief Information Officer (CIO) & Senior Vice President of The ServiceMaster Company. Prior to that, she was the CIO & Vice President of Information Systems at Nissan North America and also the Executive Vice President and Chief Technology and Supply Chain Logistics Officer at Lennox International. Ms. Goodspeed earned her B.S. in Mechanical Engineering from Michigan State University and has an MBA in International Finance from the University of Michigan.
Mr. Brown is an independent nominee of Wynnefield Capital, a holder of 18.4% of total shares outstanding of Global Power stock, and was elected pursuant to the terms of an Election and Nomination Agreement. Under the terms of the Election and Nomination Agreement, Wynnefield may designate another person to be a director of the Company. The new directors will stand for election at the Company’s annual meeting. Certain current directors will not stand for reelection and the Board will consist of seven directors, including the CEO, Terence Cryan.
About Global Power
Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. The Products segment includes two primary product categories: Auxiliary Products designs, engineers and manufactures a comprehensive portfolio of equipment for utility-scale natural gas turbines while Electrical Solutions provides custom-configured electrical houses and generator enclosures for the midstream oil & gas industry, the power generation market to include distributed and backup power, as well as other industrial and commercial operations. Services includes Energy Services, which provides lifecycle maintenance, repair, construction and fabrication services for the industrial, chemical/petrochemical process, oil and gas and power generation industries, and Nuclear Services, which provides on-site specialty support, outage management and maintenance services to domestic utilities’ nuclear power facilities.
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