CECO Environmental appoints two new board members
CECO Environmental Corp., a US-based fluid handling technology company, announced that Valerie Gentile Sachs and Dennis Sadlowski have been elected to its board of directors following approval by shareholders at its annual meeting.
Valerie Gentile Sachs was the vice president, General Counsel and Corporate Secretary of NYSE-listed OM Group, Inc., a global developer and manufacturer of magnetic technologies, battery technologies and engineered specialty chemicals, from September 2005 through the completion of the sale of the company in November 2015 to Apollo Global Management.
Dennis Sadlowski was the Chief Operating Officer of LSG Sky Chefs North America, a provider of food and food-related services for transportation providers, from April 2013 until March 2015. As chief operating officer, Mr. Sadlowski oversaw operations across over 40 locations in North America and managed more than 8,000 employees.
Arthur Cape, a director since 2005, has retired after 11 years of service.
CECO's chairman, Jason DeZwirek, said: "CECO recently embarked on a search for new board members who would best complement, enhance and expand the Board's capabilities.
“I am thrilled that we were able to attract such high calibre candidates as Valerie and Dennis, who bring a wealth of proven global business and executive leadership experience to the company. We look forward to working with them as we continue to execute on our long-term growth strategy."
The news of the new appointments comes as the company recently released its first quarter 2016 results. Net income was $3.1 million (€2.74 million) for the first quarter of 2016, compared with $0.2 million in the prior year period.
Revenue in the first quarter of 2016 was $103.2 million, up 27% from $81 million in the prior-year period. Recent acquisitions contributed $24.9 million of revenue in the first quarter of 2016.
CEO Jeff Lang said: "While we anticipate some macroeconomic shifting in a few markets and regions for the remainder of the year, we are confident that the actions we took in 2015 and our diversity of end markets, geographies and revenue streams provide us with a foundation to drive profitable growth through various cycles.
“The direction and core of our business is fundamentally strong, and we have the right team in place to deliver earnings growth, margin expansion and sales improvement into the future.”