New Director Appointed; One Director Announces
Retirement
Orion Group Holdings, Inc. (NYSE: ORN) (the "Company") a leading
specialty construction company, today announced the appointment of
Margaret “Peggy” M. Foran to the Board of Directors, as well as the
retirement of J. Michael Pearson as a board member.
The Board’s appointment of Ms. Foran to the Board of Directors
will be effective October 1, 2019. Her initial term will expire at
the 2020 annual meeting of stockholders, at which time the Board
will propose Ms. Foran for re-election as a Class I Director to
serve until the 2023 annual meeting of stockholders. In addition,
J. Michael Pearson has announced his retirement from the Board
effective December 31, 2019. Mr. Pearson has served as a member of
the Board since 2006 and was President and Chief Executive Officer
of the Company from 2006 to 2014. With the timing of the
appointment of Ms. Foran and Mr. Pearson’s retirement, the Orion
Group Holdings, Inc. Board of Directors will temporarily expand to
eight Directors.
Richard Daerr, the Company’s Chairman of the Board, commented,
“We are pleased to welcome Peggy as a new independent director. She
brings a wealth of experience, particularly in the area of
governance, and we are confident she will provide valuable
perspectives as we continue to execute on our strategy to be a
premier specialty construction company focused on providing
solutions for our customers across the infrastructure, industrial,
and building sectors, while maintaining a healthy financial
position and maximizing stakeholder value. We also want to thank
Mike for his years of service to the Company and his many valuable
contributions. We wish him all the best in his retirement.”
About Margaret M. Foran
Ms. Foran is Chief Governance Officer, Senior Vice President and
Corporate Secretary of Prudential Financial, Inc. Prior to joining
Prudential, she was Executive Vice President, General Counsel and
Corporate Secretary at Sara Lee Corporation from 2008 to 2009;
Senior Vice President, Associate General Counsel and Corporate
Secretary at Pfizer Inc. from 1997 to 2008; and Vice President and
Assistant General Counsel at J.P. Morgan & Co. Ms. Foran is a
Director of Occidental Petroleum Corporation, where she has served
on the board since 2010. She is a former Director of The MONY Group
Inc. and MONY Life Insurance Company. She served as Co-Chair and a
Director of the Council of Institutional Investors (CII) and
Co-Chair of the CII International Corporate Governance Committee.
She is the former Chair of the American Bar Association Committee
on Corporate Governance. Ms. Foran is the former Chair of the
Coordinating Committee of the Business Roundtable Corporate
Governance Task Force. She previously served two terms on the
Standing Advisory Group of the Public Company Accounting Oversight
Board (PCAOB) and is a member of the Economic Club of New York. Ms.
Foran is a Trustee of the Committee for Economic Development, as
well as a member of the Notre Dame Law School Advisory Council.
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction
company serving the infrastructure, industrial and building
sectors, provides services both on and off the water in the
continental United States, Alaska, Canada and the Caribbean Basin
through its marine segment and its concrete segment. The Company’s
marine segment provides construction and dredging services relating
to marine transportation facility construction, marine pipeline
construction, marine environmental structures, dredging of
waterways, channels and ports, environmental dredging, design, and
specialty services. Its concrete segment provides turnkey concrete
construction services including pour and finish, dirt work, layout,
forming, rebar, and mesh across the light commercial, structural
and other associated business areas. The Company is headquartered
in Houston, Texas with regional offices throughout its operating
areas.
Forward-Looking Statements
The matters discussed in this press release may constitute or
include projections or other forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
the provisions of which the Company is availing itself. Certain
forward-looking statements can be identified by the use of
forward-looking terminology, such as 'believes', 'expects', 'may',
'will', 'could', 'should', 'seeks', 'approximately', 'intends',
'plans', 'estimates', or 'anticipates', or the negative thereof or
other comparable terminology, or by discussions of strategy, plans,
objectives, intentions, estimates, forecasts, outlook, assumptions,
or goals. In particular, statements regarding future operations or
results, including those set forth in this press release and any
other statement, express or implied, concerning future operating
results or the future generation of or ability to generate
revenues, income, net income, profit, EBITDA, EBITDA margin, or
cash flow, including to service debt, and including any estimates,
forecasts or assumptions regarding future revenues or revenue
growth, are forward-looking statements. Forward looking statements
also include estimated project start date, anticipated revenues,
and contract options which may or may not be awarded in the future.
Forward looking statements involve risks, including those
associated with the Company's fixed price contracts that impacts
profits, unforeseen productivity delays that may alter the final
profitability of the contract, cancellation of the contract by the
customer for unforeseen reasons, delays or decreases in funding by
the customer, levels and predictability of government funding or
other governmental budgetary constraints and any potential contract
options which may or may not be awarded in the future, and are the
sole discretion of award by the customer. Past performance is not
necessarily an indicator of future results. In light of these and
other uncertainties, the inclusion of forward-looking statements in
this press release should not be regarded as a representation by
the Company that the Company's plans, estimates, forecasts, goals,
intentions, or objectives will be achieved or realized. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company
assumes no obligation to update information contained in this press
release whether as a result of new developments or otherwise.
Please refer to the Company’s Annual Report on Form 10-K filed
on March 27, 2019, which is available on its website at
www.oriongroupholdingsinc.com or at the SEC’s website at
www.sec.gov, for additional and more detailed discussion of risk
factors that could cause actual results to differ materially from
our current expectations, estimates or forecasts.
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version on businesswire.com: https://www.businesswire.com/news/home/20190917005408/en/
Orion Group Holdings Inc. Robert Tabb, Vice President & CFO
(713) 852-6500 www.oriongroupholdingsinc.com
INVESTOR RELATIONS COUNSEL: The Equity Group Inc. Fred
Buonocore, CFA (212) 836-9607
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