Barnwell Industries, Inc. Announces Board Changes
Barnwell Industries (NYSE American: BRN) has announced significant changes to its Board of Directors aimed at enhancing decision-making effectiveness. Director Kenneth S. Grossman has been removed from the Audit, Compensation, and Nominating Committees and his role as Vice-Chairman has been eliminated due to his disruptive behavior. Francis J. Kelly has succeeded him as chairman of the Nominating Committee. The Board is evaluating further changes to improve its operation. Forward-looking statements are included, emphasizing uncertainties that could impact future performance.
- None.
- Kenneth S. Grossman removed due to disruptive behavior, impacting Board integrity.
- Elimination of the Vice-Chairman position may indicate governance issues.
HONOLULU, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) (the “Company”) today announced certain changes made to the composition of board committees, the operation of the Company’s Board of Directors (the “Board”) and the roles of certain Board members that are intended to improve the effectiveness and collegiality of Board decision-making.
Director Kenneth S. Grossman is no longer a member of the Audit Committee, Compensation Committee or Nominating Committee, and the position he held as Vice-Chairman of the Board has been eliminated. Director Francis J. Kelly has succeeded to the committee positions previously held by Mr. Grossman, and Mr. Kelly is now the chairman of the Nominating Committee of the Board of Directors.
The Board took the action to remove Mr. Grossman as Vice-Chairman and as a member of the aforementioned committees due to Mr. Grossman’s unfortunate pattern of unprofessional and disruptive behavior, which has included ad-hominem attacks and threats against other members of the Board. The Board is considering additional changes to its composition and operation.
The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.
| CONTACT: | Alexander C. Kinzler |
| Chief Executive Officer and President | |
| Russell M. Gifford | |
| Executive Vice President and Chief Financial Officer |
| 1100 Alakea Street, Suite 500 | |
| Honolulu, Hawaii 96813 | |
| Telephone (808) 531-8400 | |
| Fax (808) 531-7181 | |
| Website: www.brninc.com |
FAQ
What changes were made to Barnwell Industries' Board of Directors?
Who succeeded the positions held by Kenneth S. Grossman?
What implications could Kenneth S. Grossman's removal have for BRN stock?
