Orbital Energy Group, Inc. Appoints Veteran Financial Executive, Paul T. Addison, to Its Board of Directors

Rhea-AI Summary

Orbital Energy Group, Inc. (NASDAQ:OEG) announced the appointment of Paul T. Addison to its Board of Directors, effective immediately. With this addition, the Board expands to 8 directors, including 5 independents. Mr. Addison brings extensive experience in finance and the energy sector, having previously served as Managing Director at Citigroup. He has held key positions in various financial roles, contributing to significant deals, such as FirstEnergy's $4.7 billion acquisition of Allegheny Energy. His addition is expected to enhance shareholder value as Orbital Energy grows its footprint.

Positive

• Appointment of Paul Addison increases board expertise in finance and energy.
• Addison's background includes significant prior leadership roles, which may benefit company strategy.
• His experience with major industry deals could enhance Orbital Energy's market positioning.

Negative

• Concerns about continuity in leadership and potential experience gaps within the board.

HOUSTON, June 7, 2021 /PRNewswire/ -- Orbital Energy Group, Inc. [NASDAQ:OEG], today announced the appointment of veteran financial executive Paul T. Addison, to its Board of Directors (the "Board"), effective immediately. Mr. Addison joins the Board as an independent director, expanding the Board to 8 directors, 5 of whom are independent.

"Paul's many years of broad financial experience across the energy value chain and public utilities market, coupled with his insight in finance, capital markets, and corporate governance will add valuable perspective to our Board," said Jim O'Neil, OEG's CEO & vice-chairman.  "We are excited to welcome him as a director and look forward to benefitting from his experience, judgment and counsel."

Before his retirement, Mr. Addison was Managing Director – Utilities Department at Salomon Smith Barney (Citigroup).  During his time with Citigroup, Mr. Addison's leadership was impactful as he served in several positions including senior credit officer and Managing Director in the firm's energy and utilities department. Mr. Addison's executive positions maximized his expertise in utilities, at the intersection of investment banking and the financial services sector.  Mr. Addison retired from Salomon Smith Barney in 2002.  He contributes his leadership and extensive experience in finance toward his board representation and community endeavors.

Mr. Addison has also served as an independent director of FirstEnergy Corporation; where he was Chairman of the Finance Committee and a member of the Audit Committee as a designated financial expert. He was involved in numerous financings over his term on the board of FirstEnergy and significantly participated in that company's $4.7 billion acquisition of Allegheny Energy in 2010.

Mr. Addison is currently serving as trustee and treasurer of Maimonides Medical Center, a non-profit and non-sectarian hospital located in Brooklyn, New York.

Mr. Addison graduated from Howard University with a B.A. in political science and economics and holds an MBA from the Harvard University Graduate School of Business with a focus in Finance and General Business Administration.

"We are very pleased to welcome such an experienced industry professional as Paul Addison to the Orbital Energy board," said William Clough, OEG's chairman & CLO. "He brings extensive expertise in many areas vital to OEG, particularly our T&D and Telecom Divisions.  He is a seasoned financial expert and experienced board member with extensive industry relationships and a broad understanding of the energy industry."

Mr. Addison commented, "I am delighted to be joining such a progressive, growth-oriented company as Orbital Energy Group and have observed the Company's recent performance with great interest.  I look forward to working alongside my fellow Board members and company management to enhance shareholder value as Orbital Energy continues to expand its commercial footprint in the energy sector and beyond."

About Orbital Energy Group

Orbital Energy Group, Inc. [Nasdaq: OEG] is creating a diversified energy services platform through the acquisition and development of innovative companies. Orbital Energy's group of businesses includes Orbital Power Services, Orbital Solar Services, Orbital Telecom Services and Orbital Gas Systems.

Orbital Power Services provides engineering, construction, maintenance and emergency response solutions to the power, utilities and midstream markets.

Orbital Solar Services provides engineering, procurement and construction ("EPC") expertise in the renewable energy industry and established relationships with solar developers and panel manufacturers in the utility scale solar market.

Orbital Telecom Services, operating as Gibson Technical Services, has nationwide locations equipped to effectively support multi-vendor OEM technology environments and outside plant construction operations on an as-needed basis with specialized services in broadband, wireless, outside plant and building technologies, including healthcare.

Orbital Gas Systems is a 30-year leader in innovative gas solutions, serving the energy, power and processing markets through the design, installation and commissioning of industrial gas sampling, measurement and delivery systems.

As a publicly traded company, Orbital Energy is dedicated to maximizing shareholder value. But most important, our commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.

For more information please visit: www.orbitalenergygroup.com 

Important Cautions Regarding Forward Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information regarding these and other factors, which could materially affect the Company and its operations, are included in certain forms the Company has filed with the Securities and Exchange Commission.

Investor Relations:
KCSA Strategic Communications
David Hanover
T: 212-896-1220
orbital@kcsa.com      

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SOURCE Orbital Energy Group, Inc.

FAQ

What is the significance of Paul Addison's appointment to Orbital Energy Group's Board?

Paul Addison's appointment is significant as it brings extensive financial expertise and industry experience to the board, which can drive better decision-making and strategic growth for Orbital Energy.

How many directors are on Orbital Energy Group's Board now?

With the appointment of Paul Addison, the Board of Directors of Orbital Energy Group now has 8 members.

What experience does Paul Addison bring to Orbital Energy Group?

Paul Addison has extensive experience in finance and the energy sector, having worked as Managing Director at Citigroup and serving on boards including FirstEnergy, providing him with valuable insights into capital markets and corporate governance.

What are the potential impacts of Paul Addison joining the Board on Orbital Energy Group's shareholders?

The addition of Paul Addison is expected to enhance shareholder value through improved strategic direction and leveraging his financial expertise to navigate growth opportunities.