Patrick K. Mullen Assumes Role as CB&I's President and Chief Executive Officer
THE WOODLANDS, Texas, July 3, 2017 /PRNewswire/ -- CB&I (NYSE:CBI) today announced Patrick K. Mullen has assumed the role of CB&I's President and Chief Executive Officer effective July 1, 2017, completing the previously announced transition plan.
"It is an honor to have been chosen to lead CB&I," said Mr. Mullen. "While I recognize this is a challenging cycle for our industry, I have a great deal of confidence in CB&I's employees and capabilities and in our ability to create long-term value for all of our stakeholders. To best position CB&I going forward as we maintain our relentless focus on safety and sound execution of our backlog, we will be taking decisive action in several areas:
- Strengthening our balance sheet
- Streamlining the company's cost profile
- Further enhancing the company's risk management and execution standards
- Increased innovation and collaboration with our customers
"Actions in these areas will build on CB&I's many existing strengths. We look forward to sharing more detail on these actions and CB&I's strategic direction in the coming months."
About CB&I
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With over 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.
Important Information For Investors And Shareholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2016, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.
Investors: Scott Lamb, +1 832 513 1068, [email protected]
Media: Gentry Brann, +1 832 513 1031, [email protected]
SOURCE CB&I
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