Integrated Electrical Services Names C. Byron Snyder as President and Chief Executive Officer
02 Junio 2005 - 6:00AM
PR Newswire (US)
Integrated Electrical Services Names C. Byron Snyder as President
and Chief Executive Officer Also Announces Additional Management
Changes HOUSTON, June 2 /PRNewswire-FirstCall/ -- Integrated
Electrical Services, Inc. (NYSE:IES) today announced that H. Roddy
Allen has retired as President, Chief Executive Officer, and a
director of IES effective June 30, 2005. The Company's Board of
Directors has appointed C. Byron Snyder, current Chairman of the
Board, as President and Chief Executive Officer. The Board of
Directors expressed its appreciation for Mr. Allen's service.
Speaking on behalf of the board, Mr. Snyder stated, "We are
grateful to Roddy for his leadership and his contributions to IES
over the last three and a half years. We remain focused on adapting
our businesses to address the emerging demands of a changing
marketplace." Mr. Snyder, age 56, is the founder of IES and has
been Chairman of the Board since its inception in 1997. He has
remained involved with the Company throughout its development and
now devotes the majority of his time to IES' executive operations.
The IES Board of Directors has requested that Mr. Snyder assume the
additional positions of President and CEO because of his extensive
banking, financing and entrepreneurial expertise. Mr. Snyder was
owner and President of Sterling City Capital LLC, a private
investment company founded in 1977, which developed and financed a
number of public and private companies. As a result of these
investment and developmental activities, Mr. Snyder has been
involved in the execution of various capital market transactions,
including public equity and high yield debt offerings, private
mezzanine financing and private equity financings. In 1992, he was
involved in financing a diverse group of companies, including
Carriage Services and Relco Refrigeration Company. Prior to 1992,
Mr. Snyder was owner and Chief Executive Officer of Southwestern
Graphics International, a diversified holding company which owned
Brandt & Lawson Printing Company and Acco Waste Paper Company,
an independent recycling business. Brandt & Lawson was sold to
a regional consolidator in 1989, and Acco Waste Paper was sold to
Browning-Ferris Industries in 1990. A graduate of Texas Tech with a
B.B.A. in Finance, Mr. Snyder pursued a career in commercial
banking which he continued until 1976. He currently serves on the
Board of Advisors for the Cox School of Business at Southern
Methodist University. He has been a member of the Young Presidents
Organization since 1987 and is also a member of the World
Presidents Organization. Other Management Changes IES has made two
additional management changes. Gregory H. Upham, CPA, has been
appointed Vice President and Chief Accounting Officer effective
June 8, 2005, a position previously held by David Miller prior to
Mr. Miller's appointment as Chief Financial Officer of IES in
January 2005. Additionally, Bob Callahan has been promoted to
Senior Vice President of Human Resources. Mr. Upham previously held
various financial positions within multiple industries. Since 2004,
he served as a consultant for Game Ventures, Inc., a start up in
the video game development industry. From 2000 to 2003, he held the
positions of Chief Financial Officer, Treasurer, and Corporate
Controller for Hostcentric, Inc., one of the largest privately held
Internet infrastructure service providers. Prior to that, Mr. Upham
held positions with Coach USA and Arthur Andersen LLP. Mr. Upham
earned his Bachelor's degree in Accounting and Finance from the
University of Houston. Mr. Callahan has been Vice President of
Human Resources at IES since February 2005 and was Vice President
of Employee Relations since 2004. He has been with the company
since 2001, after having spent 11 years with the H.E. Butt Grocery
Company where he served as Director of Human Resources. Mr.
Callahan has served as a faculty member at the University of Texas
at San Antonio where he taught Employment Law, Human Resources
Management and Business Communications. Mr. Callahan holds an
Executive MBA from the University of Texas at Austin and a Bachelor
of Arts degree in Business Administration from Loyola University in
Chicago. Integrated Electrical Services, Inc. is a national
provider of electrical solutions to the commercial and industrial,
residential and service markets. The company offers electrical
system design and installation, contract maintenance and service to
large and small customers, including general contractors,
developers and corporations of all sizes. This Press Release
includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on the Company's expectations and involve risks and
uncertainties that could cause the Company's actual results to
differ materially from those set forth in the statements. Such
risks and uncertainties include, but are not limited to, the
inherent uncertainties relating to estimating future operating
results or our ability to generate sales, income, or cash flow,
potential difficulty in addressing material weaknesses in the
Company's accounting systems that have been identified to the
Company by its independent auditors, potential limitations on our
ability to access the credit line under our credit facility,
litigation risks and uncertainties, fluctuations in operating
results because of downturns in levels of construction, inaccurate
estimates used in entering into and executing contracts, difficulty
in managing the operation of existing entities, the high level of
competition in the construction industry, changes in interest
rates, the general level of the economy, level of competition from
other electrical contractors, increases in costs of labor, steel,
copper and gasoline, limitations on the availability and the
increased costs of surety bonds required for certain projects,
inability to reach agreements with our surety or co-surety bonding
company to provide sufficient bonding capacity, risk associated
with failure to provide surety bonds on jobs where we have
commenced work or are otherwise contractually obligated to provide
surety bonds, loss of key personnel, disruption from changes in
senior management, business disruption and costs associated with
the Securities and Exchange Commission investigation and class
action litigation, inability to reach agreement for planned sales
of assets, business disruption and transaction costs attributable
to the sale of business units, costs associated with the closing of
business units, unexpected liabilities associated with warranties
or other liabilities attributable to the retention of the legal
structure of business units where we have sold substantially all of
the assets of the business unit, inability to fulfill the terms or
meet the required financial covenants of the credit facility,
inability to obtain refinancing of our credit facility on favorable
terms. difficulty in integrating new types of work into existing
subsidiaries, inability of subsidiaries to incorporate new
accounting, control and operating procedures, inaccuracies in
estimating revenues and percentage of completion on contracts, and
weather and seasonality. You should understand that the foregoing
important factors, in addition to those discussed in our other
filings with the Securities and Exchange Commission ("SEC"),
including those under the heading "Risk Factors" contained in the
S-1 Registration Statement, could affect our future results and
could cause results to differ materially from those expressed in
such forward-looking statements. We undertake no obligation to
publicly update or revise any forward-looking statements to reflect
events or circumstances that may arise after the date of this
release. General information about us can be found at
http://www.ies-co.com/ under "Investor Relations." Our annual
report on Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K, as well as any amendments to those reports,
are available free of charge through our website as soon as
reasonably practicable after we file them with or furnish them to
the SEC. Contacts: David A. Miller, CFO Integrated Electrical
Services, Inc. 713-860-1500 Ken Dennard / Karen Roan / DRG&E
713-529-6600 DATASOURCE: Integrated Electrical Services, Inc.
CONTACT: David A. Miller, CFO of Integrated Electrical Services,
Inc., +1-713-860-1500; or Ken Dennard, , or Karen Roan, , both of
DRG&E, +1-713-529-6600, for Integrated Electrical Services,
Inc. Web site: http://www.ies-co.com/
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