Stabilis Solutions Announces Management Transition
Stabilis Solutions (NASDAQ: SLNG) announced the departure of President and CEO Westervelt T. 'Westy' Ballard, Jr., effective January 31, 2025. Executive Chairman and majority shareholder J. Casey Crenshaw has been appointed as interim President and CEO, and will lead the search for a permanent CEO replacement.
Ballard will continue serving in a consulting capacity through the end of 2025 to ensure a smooth transition. The change comes as Stabilis, a leader in the small-scale LNG market, prepares for its next phase of strategic growth. The company remains focused on delivering last-mile LNG production, storage, transportation, and fueling solutions across established and emerging markets.
Crenshaw, who co-founded Stabilis in 2013 with his wife Stacey, currently serves as President & CEO of The Modern Group, a privately-held conglomerate of diversified businesses headquartered in Beaumont, Texas.
Stabilis Solutions (NASDAQ: SLNG) ha annunciato le dimissioni del Presidente e CEO Westervelt T. 'Westy' Ballard, Jr., con effetto dal 31 gennaio 2025. Il Presidente Esecutivo e azionista di maggioranza J. Casey Crenshaw è stato nominato Presidente e CEO ad interim, e guiderà la ricerca di un sostituto permanente per il CEO.
Ballard continuerà a svolgere un ruolo di consulenza fino alla fine del 2025 per garantire una transizione fluida. Questo cambiamento avviene mentre Stabilis, leader nel mercato del GNL su piccola scala, si prepara per la prossima fase della sua crescita strategica. L'azienda rimane concentrata nel fornire soluzioni di produzione, stoccaggio, trasporto e rifornimento di GNL a livello dell'ultimo miglio, sia nei mercati consolidati che in quelli emergenti.
Crenshaw, cofondatore di Stabilis nel 2013 insieme a sua moglie Stacey, attualmente ricopre il ruolo di Presidente e CEO di The Modern Group, un conglomerato privato di aziende diversificate con sede a Beaumont, Texas.
Stabilis Solutions (NASDAQ: SLNG) anunció la salida del Presidente y CEO Westervelt T. 'Westy' Ballard, Jr., con efecto a partir del 31 de enero de 2025. J. Casey Crenshaw, Presidente Ejecutivo y accionista mayoritario, ha sido designado como Presidente y CEO interino, y liderará la búsqueda de un reemplazo permanente para el CEO.
Ballard continuará sirviendo en calidad de consultor hasta finales de 2025 para asegurar una transición fluida. Este cambio se produce mientras Stabilis, líder en el mercado de GNL a pequeña escala, se prepara para su próxima fase de crecimiento estratégico. La empresa sigue centrada en ofrecer soluciones de producción, almacenamiento, transporte y abastecimiento de GNL en el último trecho, tanto en mercados establecidos como emergentes.
Crenshaw, cofundador de Stabilis en 2013 junto a su esposa Stacey, actualmente sirve como Presidente y CEO de The Modern Group, un conglomerado privado de negocios diversificados con sede en Beaumont, Texas.
Stabilis Solutions (NASDAQ: SLNG)는 2025년 1월 31일부로 회장 겸 CEO인 Westervelt T. 'Westy' Ballard, Jr.의 퇴임을 발표했습니다. 이사회 의장이자 대주주인 J. Casey Crenshaw가 임시 회장 겸 CEO로 임명되었으며, 정식 CEO 후보를 물색할 예정입니다.
Ballard는 원활한 인수를 보장하기 위해 2025년 말까지 컨설팅 역할을 계속 수행할 것입니다. 이 변화는 소규모 LNG 시장의 선두주자인 Stabilis가 전략적 성장의 다음 단계에 대비하는 가운데 이루어집니다. 이 회사는 확립된 시장과 신흥 시장에서 마지막 단계의 LNG 생산, 저장, 운송 및 연료 공급 솔루션을 제공하는 데 주력하고 있습니다.
Crenshaw는 2013년 아내 Stacey와 함께 Stabilis를 공동 설립했으며, 현재 텍사스주 보몬트에 본사를 두고 있는 다양한 사업체의 민간 대기업인 The Modern Group의 회장 겸 CEO로 재직 중입니다.
Stabilis Solutions (NASDAQ: SLNG) a annoncé le départ de son Président et CEO Westervelt T. 'Westy' Ballard, Jr., effectif au 31 janvier 2025. Le Président Exécutif et actionnaire majoritaire J. Casey Crenshaw a été nommé Président et CEO par intérim et dirigera la recherche d'un remplaçant permanent pour le CEO.
Ballard continuera à servir en tant que consultant jusqu'à la fin de 2025 pour assurer une transition en douceur. Ce changement intervient alors que Stabilis, un leader sur le marché du GNL à petite échelle, se prépare pour sa prochaine phase de croissance stratégique. L'entreprise reste concentrée sur la fourniture de solutions de production, de stockage, de transport et de ravitaillement en GNL dans les marchés établis et émergents.
Crenshaw, co-fondateur de Stabilis en 2013 avec sa femme Stacey, est actuellement Président et CEO du Modern Group, un conglomérat privé d'entreprises diversifiées basé à Beaumont, Texas.
Stabilis Solutions (NASDAQ: SLNG) hat den Rücktritt von Präsident und CEO Westervelt T. 'Westy' Ballard, Jr. zum 31. Januar 2025 bekannt gegeben. Der Executive Chairman und Mehrheitsaktionär J. Casey Crenshaw wurde als vorläufiger Präsident und CEO ernannt und wird die Suche nach einem dauerhaften Ersatz für den CEO leiten.
Ballard wird bis Ende 2025 weiterhin in beratender Funktion tätig sein, um einen reibungslosen Übergang zu gewährleisten. Dieser Wechsel erfolgt, während Stabilis, ein führendes Unternehmen im kleinen LNG-Markt, sich auf die nächste Phase seines strategischen Wachstums vorbereitet. Das Unternehmen konzentriert sich weiterhin darauf, Lösungen für die Produktion, Lagerung, den Transport und die Betankung von LNG in etablierten und aufstrebenden Märkten zu liefern.
Crenshaw, der Stabilis 2013 zusammen mit seiner Frau Stacey mitbegründet hat, ist derzeit als Präsident und CEO der Modern Group tätig, einem privat geführten Konglomerat mit diversifizierten Unternehmen mit Hauptsitz in Beaumont, Texas.
- Executive Chairman and majority shareholder stepping in as interim CEO ensures leadership continuity
- Former CEO remains as consultant through 2025, enabling smooth transition
- Company maintains strong position in growing small-scale LNG market
- Unexpected CEO departure could create temporary leadership uncertainty
- Interim CEO already serves as CEO of another company, potentially splitting focus
HOUSTON, TX / ACCESS Newswire / February 3, 2025 / Stabilis Solutions, Inc. ("Stabilis" or the "Company") (Nasdaq:SLNG), today announced the departure of President and CEO Westervelt T. "Westy" Ballard, Jr., effective January 31, 2025. This decision reflects a mutual understanding between both the Board of Directors and Mr. Ballard as Stabilis embarks on its next phase of strategic growth. Mr. Ballard will serve in a consulting capacity through the end of 2025 to ensure a smooth transition.
J. Casey Crenshaw, Executive Chairman and a majority shareholder of Stabilis, has been named interim President and CEO. Mr. Crenshaw will assume day-to-day leadership responsibilities and will lead the Board of Directors' search for the Company's next Chief Executive Officer.
"During his tenure, Westy optimized the Company's business and strengthened the foundation for profitable growth, one that further positions Stabilis for long-term value creation," stated Mr. Crenshaw. "We are grateful for his leadership and wish him great success in his future endeavors."
Mr. Crenshaw continued "Stabilis has a leading position in the growing small-scale LNG market, and I am excited to lead the Company through this next phase as we accelerate our growth."
Mr. Crenshaw currently serves as President & CEO of The Modern Group, Ltd., a privately-held conglomerate of diversified manufacturing, parts and distribution, rental, leasing and finance businesses headquartered in Beaumont, Texas. Mr. Crenshaw, together with his wife, Stacey Crenshaw, co-founded Stabilis in 2013.
Stabilis' Board of Directors remains committed to prioritizing growth and advancing the Company's existing value creation strategy. Stabilis will continue to deliver last-mile LNG production, storage, transportation and fueling solutions across both established and emerging growth markets, consistent with the Company's ongoing commitment to its established network of valued customers, partners, and stakeholders.
About Stabilis Solutions
Stabilis Solutions, Inc. is a leading provider of clean fueling, production, storage, and last mile delivery solutions for many of the world's most recognized, high-performance brands. To learn more, visit www.stabilis-solutions.com.
Investor Contact:
Andrew Puhala
Chief Financial Officer
832-456-6502
ir@stabilis-solutions.com
Contact Information
Andy Puhala
IR
andy.puhala@stabilis-solutions.com
8324566502
SOURCE: Stabilis Solutions
View the original press release on ACCESS Newswire
FAQ
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