Orion Group Holdings, Inc. (NYSE: ORN) (the "Company") a leading specialty construction company, today announced a change in the position of Board Chair effective at the end of the year.
As the next step in the Company’s Board refreshment process, effective December 31, 2020, Richard Daerr will be retiring as Chair of the Board of Directors of Orion Group Holdings after more than 13 ½ years of service in that position. However, Mr. Daerr will remain on the Board of Directors.
As a result, the Board of Directors has elected Austin J. Shanfelter as Chair effective January 1, 2021. Mr. Shanfelter has served on the Company’s Board since 2007 and currently serves as Chair of the Compensation Committee.
Mr. Daerr stated, "It’s been an honor and a privilege to serve as Board Chair. I have no doubt that Austin’s deep knowledge of the Company, coupled with his recognized leadership, will help realize Orion’s full potential as it executes its strategy."
Mr. Shanfelter commented, "I’m honored to be the next Chair of Orion’s Board of Directors. I’m confident in our future and in our leadership as we continue to work to deliver strong value to our customers, employees and stockholders. On behalf of the entire Board, I want to thank Richard for his dedicated service as Chair."
"It’s been a pleasure working with Richard as Chair and I’m fortunate to be able to continue to count on his experience and expertise as a Board member," said Mark Stauffer, Orion Group Holdings’ President and Chief Executive Officer. "I look forward to continuing to work with Austin as incoming Chairman. Austin’s wealth of knowledge and experience will continue to help me as we drive operational performance and execute our strategic plan."
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.
The 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, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'seeks', 'approximately', 'intends', 'plans', 'estimates', or 'anticipates', or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which 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 impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of 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 regarded as a representation by the Company that the Company's plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. 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 information contained in this press release whether as a result of new developments or otherwise.
Please refer to the Company’s Annual Report on Form 10-K, filed on February 28, 2020, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.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.
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Robert Tabb, Vice President & CFO