Array Technologies Announces Additions to Board of Directors
Array Technologies announces the addition of Bilal Khan of Blackstone, Paulo Almirante, and Gerrard Schmid to its Board of Directors, following a $500 million capital commitment from Blackstone.
Khan, a senior managing director at Blackstone, aims to leverage this funding to accelerate growth and enhance shareholder value. Almirante brings 25 years of renewable energy experience, while Schmid has 20 years in banking and technology. The new appointments replace past members Jason Lee and Frank Cannova, reflecting Array's strategic focus on expanding its clean energy capabilities.
- Appointment of Bilal Khan from Blackstone indicates strong financial backing with a $500 million commitment.
- Paulo Almirante and Gerrard Schmid add significant industry expertise in renewable energy and technology, respectively, enhancing Array's leadership.
- Replacement of experienced board members Jason Lee and Frank Cannova may raise concerns about continuity in leadership.
Bilal Khan of Blackstone joins board following announcement of
ALBUQUERQUE, N.M., Aug. 16, 2021 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array”), one of the world’s largest manufacturers of ground-mounted systems used in solar energy projects, today announced the appointment of Bilal Khan, Paulo Almirante and Gerrard Schmid to the Board of Directors, effective immediately.
“We are thrilled to welcome Bilal, Paulo and Gerrard to the Board during this exciting period of rapid growth and innovation within Array and throughout the solar industry,” said Brad Forth, Board Chairman of Array Technologies. “I am confident that the global technology and financial experience that they have acquired throughout their careers will benefit Array’s customers, employees and shareholders and position the company for even greater long-term success.”
Khan is a Senior Managing Director in Blackstone’s Private Equity Group. Since joining Blackstone in 2009, Mr. Khan has been involved in the execution of several Blackstone investments, including many in the energy and renewables space. Prior to joining Blackstone, Khan was an Associate at GTCR Golder Rauner, where he was involved with the analysis and execution of private equity investments in a wide range of industries. He also previously worked in the Mergers and Acquisitions department at Lazard Frères focused on Power & Utilities clients. Khan received a bachelor’s degree in Applied Economics from Cornell University, where he graduated magna cum laude. He also received an MBA from the Wharton School of the University of Pennsylvania and an MA in International Studies from the University of Pennsylvania.
“As an established solar industry leader, Array is incredibly well-positioned to enable the transition to clean energy,” Khan said. “Now, with the financial backing of Blackstone, Array can accelerate its internal and external growth plans and deliver greater shareholder value. I’m thrilled to be working with Array’s senior leadership team as we launch this exciting partnership.”
Almirante brings more than 25 years in the energy sector. He currently serves as the Senior Executive Vice President of Global Renewables for Engie, a multinational electric utility company which specializes in energy transition. There, he led the transformation of the company’s industrial activities to be more flexible and profitable. Prior to holding roles of ascending responsibility and leadership at Engie, Almirante served as Engineering Manager and later Regional Director, Iberia at International Power. Almirante earned a master’s degree in Mechanics from the Technical University of Lisbon. He also holds a degree in Management from the Catholic University of Lisbon and attended a program in Global Leadership Development at the London Business School.
“As Array expands its operations and continues to establish a global customer base, I believe my broad and deep renewable energy experience will enable me to be a true asset to the Board and a key contributor to the company’s strategic plans,” Almirante said. “I look forward to working with the Array team and being a meaningful contributor to its promising future.”
Schmid has more than 20 years of global leadership experience in banking, payments, and financial technology. He currently serves as president and chief executive officer of Diebold Nixdorf, an American multinational financial and retail technology company where he is responsible for driving the organization's global strategies and performance. Prior to Diebold Nixdorf, he served as chief executive officer of DH Corporation, a Canadian multinational FinTech company. He has also held several senior executive banking roles at Lloyds TSB in the United Kingdom and CIBC in Canada. Prior to those he also worked at McKinsey and Company. Originally from South Africa, Schmid earned a bachelor’s degree in Aeronautical Engineering from the University of the Witwatersrand in Johannesburg and started his career as an aerospace engineer. He also holds a master’s in Applied Science in Aerospace Engineering from the University of Toronto.
“I am honored to join Array’s Board of Directors and contribute to an industry that I am incredibly passionate about,” Schmid said. “As a leading voice in solar, Array has a large runway for growth and tremendous opportunity as our energy infrastructure shifts to renewables. I hope to leverage my public company and global technology experience to position Array as the industry’s premier tracker company.”
Almirante and Schmid replace past board members, Jason Lee and Frank Cannova.
“We would like to thank Jason and Frank for their many contributions to Array,” Forth said. “Their insights have been invaluable and we wish them much success in the future.”
About Array Technologies, Inc.
Array Technologies (NASDAQ: ARRY) is a leading global technology company providing tracker solutions and services for utility-scale solar energy projects as one of the world's largest manufacturers of ground-mounted systems. With efficient installation and terrain flexibility coupled with high reliability, durability, and performance, Array delivers a lower levelized cost of energy. The Company's focus on innovation, combined with its customer-centric approach, has helped achieve some of the industry's best returns. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia. Contact us at arraytechinc.com or view our LinkedIn page.
Forward Looking Statements
This press release contains forward looking statements. These statements are not historical facts but rather are based on the Company’s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward looking statements as a result of a number of factors.
Media Contact:
James McCusker
203-585-4750
jmccusker@soleburytrout.com
Investor Relations Contact:
505-437-0010
investors@arraytechinc.com
FAQ
Who are the new board members of Array Technologies?
What is the significance of Blackstone's $500 million investment in Array Technologies?
What expertise do the new board members bring to Array Technologies?
When did the changes in Array Technologies' board occur?
What changes occurred in Array Technologies' board composition?
