Primoris Services Corporation Announces Results of Annual Stockholders Meeting

Rhea-AI Summary

On May 4, 2022, Primoris Services Corporation held its Annual Meeting of Stockholders in Dallas, Texas. Stockholders elected nine directors, including David L. King as Chairman and Michael Ching as a new member. The selection of Moss Adams LLP as the independent public accounting firm for the fiscal year ending December 31, 2022, was ratified. The 2022 Employee Stock Purchase Plan was approved, effective May 5, 2022. CEO Tom McCormick expressed gratitude for shareholder support and confidence in the company’s strategy.

Positive

• Election of nine directors, enhancing governance.
• Approval of the 2022 Employee Stock Purchase Plan, promoting employee investment.
• Ratification of Moss Adams LLP as accounting firm, ensuring financial oversight.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or “Company”) today announced the results of the Company’s Annual Meeting of Stockholders held on May 4, 2022, at 9:00 a.m. Central time at the Company’s headquarters in Dallas, Texas.

Michael Ching, Director, Primoris Services Corporation, elected May 4, 2022 (Photo: Business Wire)

At the meeting, stockholders approved the election of nine directors. The directors are: David L. King, Chairman, Primoris; Michael E. Ching, Global Head of Investment Research, Evaluserve; Stephen C. Cook, President and Principal Stockholder, Fieldstone Partners; Carla S. Mashinski, former Chief Financial Officer, Cameron LNG; Terry D. McCallister, former Chairman and Chief Executive Officer, WGL Holdings, Inc. and Washington Gas; Thomas E. McCormick, President and Chief Executive Officer of Primoris; Jose R. Rodriguez, former senior audit partner at KPMG LLP; John P. Schauerman, former Executive Vice President of Corporate Development, Primoris; and Patricia K. Wagner, former Group President of U.S. Utilities for Sempra Energy.

The stockholders also approved the ratification of the selection of Moss Adams LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022.

Primoris Services Corporation’s 2022 Employee Stock Purchase Plan was also approved by stockholders and is in effect as of May 5, 2022.

David L. King, Chairman of the Board, said, “I want to thank our retiring board member, Robert Tinstman, whose industry experience and guidance have helped shape the path for Primoris. I also want to welcome our new board member, Michael Ching, whose career experience in both equities research and communications engineering complement our board’s existing strengths.”

“We thank our stockholders for their continued confidence in our strategy and management,” said Tom McCormick, President and Chief Executive Officer of Primoris. “We strive to earn that trust every day.”

ABOUT PRIMORIS

Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220503006269/en/

Brook Wootton

Vice President, Investor Relations

(214) 545-6773

bwootton@prim.com

Source: Primoris Services Corporation

FAQ

What happened at the Primoris Annual Meeting of Stockholders on May 4, 2022?

At the meeting, stockholders elected nine directors and approved critical governance items including the independent accounting firm.

Who were the elected directors at Primoris' Annual Meeting in 2022?

The elected directors included David L. King, Michael Ching, and others, enhancing the company's board.

What is the significance of the 2022 Employee Stock Purchase Plan approved by Primoris?

The plan allows employees to invest in the company, potentially aligning their interests with shareholders.

Why is the ratification of Moss Adams LLP important for Primoris?

It ensures that an experienced firm oversees financial reporting and compliance for the fiscal year.