HOUSTON, Sept. 7, 2017 /PRNewswire/ -- Adams Resources
& Energy, Inc. (NYSE: AE) ("Adams" or the "Company") today
announced that Thomas S. Smith has
informed the Company of his intent to retire as President and Chief
Executive Officer of the Company as of September 30, 2017, and as Chairman of the Board
of Directors effective as of the date hereof. The Board of
Directors has appointed Mr. Townes G.
Pressler, a member of the Board of Directors to the position
of Executive Chairman and Chairman of the Board of Directors. Mr.
Smith will assist in the orderly transition of his duties and
responsibilities to Mr. Pressler, who has served as an independent
director of the Company since 2011 and as Vice Chairman of the
Board of Directors for the last 18 months.
The Company also announced the formation of the Office of the
Chairman to be led by Mr. Pressler, whose additional members are
Josh C. Anders, Executive Vice
President and Chief Financial Officer of the Company, Sharon C. Davis, Executive Vice President and
Chief Operating Officer of the Company, and Geoffrey L. Griffith, President of Gulfmark
Energy, Inc., a wholly owned subsidiary of the Company. In
addition, certain officers of the Company, including the members of
the Office of the Chairman, will report to Mr. Pressler.
Mr. Pressler stated, "On behalf of the entire Board, I want to
thank Mr. Smith for his leadership, and his deep loyalty to Adams
Resources & Energy, Inc. He has made important decisions
over the past four years that have and will positively impact the
Company in the years to come."
Mr. Smith said, "I am very proud of our Company and what we have
been able to accomplish. We have excellent employees and
staff throughout the Company and the financial position of the
Company is sound. Mr. Pressler is intimately knowledgeable
about our Company and the industry we serve, and has all the
necessary skills, expertise, experience, and judgment to qualify
him for this role. He is well respected by his fellow
directors."
Adams Resources & Energy, Inc., headquartered in
Houston, Texas, is engaged in
the business of crude oil marketing and tank truck transportation
of liquid chemicals and dry bulk. For more information, visit
www.adamsresources.com.
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains forward-looking
statements. Forward-looking statements relate to future events and
anticipated results of operations, business strategies, and other
aspects of our operations or operating results. In many cases you
can identify forward-looking statements by terminology such as
"anticipate," "intend," "plan," "project," "estimate," "continue,"
"potential," "should," "could," "may," "will," "objective,"
"guidance," "outlook," "effort," "expect," "believe," "predict,"
"budget," "projection," "goal," "forecast," "target" or similar
words. Statements may be forward looking even in the absence of
these particular words. Where, in any forward-looking statement,
the Company expresses an expectation or belief as to future
results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis. However, there can be no
assurance that such expectation or belief will result or be
achieved. The actual results of operations can and will be affected
by a variety of risks and other matters including, but not limited
to, changes in commodity prices; changes in expected levels of
natural gas and oil reserves or production; operating hazards,
drilling risks, unsuccessful exploratory activities; limited access
to capital or significantly higher cost of capital related to
illiquidity or uncertainty in the domestic or international
financial markets; international monetary conditions; unexpected
cost increases; potential liability for remedial actions under
existing or future environmental regulations; potential liability
resulting from pending or future litigation; and general domestic
and international economic and political conditions; as well as
changes in tax, environmental and other laws applicable to our
business. Other factors that could cause actual results to differ
materially from those described in the forward-looking statements
include other economic, business, competitive and/or regulatory
factors affecting our business generally as set forth in our
filings with the Securities and Exchange Commission. Unless legally
required, Adams undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact: Josh C. Anders
EVP, Chief Financial Officer
janders@adamsresources.com
(281) 974-9442
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SOURCE Adams Resources & Energy, Inc.