– USA, NY – HC2 Holdings, Inc. (NYSE: HCHC), a diversified holding company, today announced the separation of the roles of Chairman and CEO, previously both held by Philip Falcone.
Philip Falcone will continue as President and CEO, as well as a member of the Board of Directors, while Warren Gfeller, who has served as a Director of HC2 since 2016, has been appointed to serve as interim non-executive Chairman.
Separating the roles of Chairman and CEO will allow Mr. Falcone to focus full-time on creating increased value for HC2 through growth and innovation strategic initiatives, capital structure and overhead reduction, as well as further enhancing the Company’s corporate governance.
“As a holding company, we partner with subsidiaries where we see growth potential and assist them in successfully realizing their potential in order to create value for all stockholders,” stated Mr. Falcone. “Recent events in our world, our economy and our company have sharpened the need for me to focus on HC2’s portfolio performance. I am fully supportive of our new Board structure and of the Board’s interim appointment of Warren. Warren has previously been Chairman of a public company, and I’m confident he will be able to seamlessly assume the Chairman role on an interim basis while the Board decides on a permanent Chairman.”
“Our Board has complete confidence in Phil, our CEO since the inception of the company,” added Mr. Gfeller. “We believe this division of labor strengthens our corporate governance and will allow Phil to concentrate his efforts completely on leading the execution of our strategy, while our Board continues to provide expertise and oversight.”
About HC2 Holdings, Inc.
HC2 Holdings, Inc. is a publicly-traded diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across multiple reportable segments, including Construction, Energy, Telecommunications, Life Sciences, Broadcasting, Insurance and Other. HC2’s largest operating subsidiary is DBM Global Inc., a family of companies providing fully integrated structural and steel construction services. Founded in 1994, HC2 is headquartered in New York, New York.
For more information: https://hc2.com
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