CINCINNATI, Jan. 24, 2017 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq:CECE), a leading global energy, environmental, and industrial technology company today announced that Jeffrey Lang, the Company's Chief Executive Officer, President and a director, has decided to step down as CEO, President and a member of the Board of Directors as of February 1, 2017. The Board has appointed Dennis Sadlowski, currently a member of the Board, to serve as interim CEO while a search process is conducted to identify a permanent CEO. Mr. Lang has agreed to be available to the Company through a transition process.
"We want to thank Jeff for the leadership and integrity he has provided during his seven years at CECO Environmental. There has been considerable progress made in building CECO for the future. Jeff recognized that now is the best time to find a new voice to lead CECO through its next growth phase. On behalf of the Board and all CECO employees, we wish Jeff all the best in the next step of his career," said CECO's Chairman, Jason DeZwirek.
Jeff Lang said "I am proud of the progress that we have achieved at CECO over the past seven years and I am most proud of the senior business leaders that we have been able to attract and develop. I know CECO is very well positioned for the future through its quality leadership, asset-light business model and expanding recurring revenue and global footprint. I look forward to following the Company's future success in the years to come."
Jason DeZwirek added "We are fortunate to have someone with Dennis' capabilities on the Board ready to lead the continued progress at CECO. He has extensive experience leading industrial companies with a strong market focus to drive financial performance."
Mr. Sadlowski, 55, previously held a number of senior leadership roles including CEO of Siemens Energy and Automation, COO of LSG Sky Chefs, and CEO of International Battery. Mr. Sadlowski also previously worked at General Electric and Thomas & Betts. Mr. Sadlowski continues to serve on the board of directors and audit committee of Trojan Battery, a privately-held global leader in deep cycle lead-acid batteries. He earned a Bachelor's degree in Chemical and Nuclear Engineering from the University of California at Berkeley, and his Master's Degree in Business Administration from Seattle University.
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading global technology company that is committed to clean, safe and efficient fluid handling and filtration, energy, and environmental air pollution control. Through its well-known brands, CECO provides a wide spectrum of products and services that play a vital role in helping companies achieve exacting production standards, and meet increasing plant needs and stringent emissions control regulations. For more information, visit the company's website at www.cecoenviro.com.
Any statements contained in this press release other than statements of historical fact, including statements about management's beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management's views and assumptions regarding future events and business performance. Words such as "estimate," "believe," "anticipate," "expect," "intend," "plan," "target," "project," "should," "may," "will" and similar expressions are intended to identify forward-looking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. These risks and uncertainties include, but are not limited to: our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, including PMFG, as well as a number of factors related to our business including economic and financial market conditions generally and economic conditions in CECO's service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for contract revenue; fluctuations in operating results from period to period due to seasonality of the business; the effect of growth on CECO's infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation; changes in or developments with respect to any litigation or investigation; the potential for fluctuations in prices for manufactured components and raw materials; the substantial amount of debt incurred in connection with our recent acquisitions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; economic and political conditions generally; and the effect of competition in the environmental, energy and fluid handling and filtration industries. These and other risks and uncertainties are discussed in more detail in CECO's filings with the Securities and Exchange Commission, including our reports on Form 10-K and Form 10-Q. Many of these risks are beyond management's ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. All forward-looking statements attributable to CECO or persons acting on behalf of CECO are expressly qualified in their entirety by the cautionary statements and risk factors contained in this press release and CECO's respective filings with the Securities and Exchange Commission. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, CECO undertakes no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE CECO Environmental Corp.