Babcock & Wilcox Announces Three-Year Contract Extension for CEO Kenny Young
Babcock & Wilcox (BW) announced a three-year extension of CEO Kenny Young's contract, continuing through December 31, 2023. Young has led a turnaround since November 2018, including recovery from historical project losses and implementing $119 million in cost savings. B&W is expanding its global presence with new offices across Europe, Asia, and the Middle East. Additionally, Chief Strategy Officer Henry Bartoli's contract has been extended until December 31, 2020, followed by a consulting role. The company emphasizes its commitment to sustainable energy technologies.
- Three-year extension of CEO Kenny Young's contract demonstrates leadership stability.
- Successful recovery from historical project losses enhances investor confidence.
- $119 million cost savings initiatives improve financial health.
- Expansion into Europe, Asia, and the Middle East signals growth potential.
- CEO contract extension only extends until December 31, 2023, creating future uncertainty.
- Relying on historical project recoveries may not guarantee future performance.
AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox (B&W) (NYSE: BW) announced today a three-year extension of the contract under which Kenny Young serves as B&W’s CEO, through December 31, 2023. Young also serves as Chairman of the B&W Board of Directors.
Since joining B&W as CEO in November 2018, Young has led a significant turnaround of the Company, including its recovery from losses related to several historical European EPC loss projects, a return to its core technology and delivery model, the implementation of
“I am fully committed to B&W’s future and look forward to accelerating the significant progress we have made to strengthen our core businesses and provide shareholder returns,” Young said. “I’m also excited about working with our team to unlock the potential of B&W’s global brands as we grow our business profitably and execute quality projects around the world. B&W is an outstanding company – one with industry-leading technology that helps achieve a clean, sustainable energy and industrial infrastructure.”
The Company also announced that the employment agreement with its Chief Strategy Officer Henry Bartoli has been extended to December 31, 2020, after which time Bartoli will serve in a consulting capacity with the company for a one-year term through December 31, 2021. He will also continue to serve as a member of B&W’s Board of Directors.
“B&W has made an incredible transformation over the last few years and I look forward to working with this highly experienced and talented leadership team and employees to further strengthen our business as we capitalize on the strong pipeline of new opportunities around the world,” Bartoli said.
More information on these matters can be found on the related Form 8-K filed with the SEC today.
About B&W
Headquartered in Akron, Ohio, B&W is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to cost savings initiatives, the strategic organization and global branding initiative, and the global project opportunities. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
