AKRON, Ohio - Babcock & Wilcox Enterprises , Inc. (NYSE: NYSE:BW), a global leader in energy and environmental products and services, has announced a series of executive leadership transitions set to take effect on January 1, 2025. Lou Salamone, the current Chief Financial Officer, will retire and transition to a consulting role within the company.
Salamone, who joined Babcock & Wilcox (NYSE:BWXT) in November 2018, will provide strategic support and guidance, particularly as the company aims to refinance and reduce its debt. Cameron Frymyer, a 27-year veteran of the company, will succeed Salamone as the new CFO. Frymyer's most recent position was Senior Vice President of Business and Finance Operations, and his succession plan includes working closely with Salamone to ensure a smooth transition.
In addition to the CFO change, Babcock & Wilcox has named Chris Riker as the new Chief Operating Officer. Riker, with nearly 15 years at the company, has been instrumental in improving cash flows and margins, particularly in his role leading the Thermal Segment since August 2022.
Jimmy Morgan steps into the role of Chief Commercial Officer, focusing on commercial and business development for the company's ClimateBright™ and BrightLoop™ products, as well as biomass and waste-to-energy projects. Morgan's extensive experience in large energy project management will be key in driving growth from emerging technologies.
Gillianne Hetrick has been appointed Senior Vice President, Corporate Operations. Hetrick's background includes over 20 years in energy and communications, with a focus on operational efficiency and business strategy.
Kenneth Young, CEO of Babcock & Wilcox, expressed confidence in the new leadership team's ability to streamline operations, reduce costs, and expand new technologies, which are critical for the company's future growth.
The information for this article is based on a press release statement from Babcock & Wilcox Enterprises, Inc.
In other recent news, Babcock & Wilcox Enterprises, Inc. announced significant executive transitions and reported third-quarter earnings. Louis Salamone, Jr., the company's Executive Vice President and Chief Financial Officer, will step down from his role at the end of the year, but will continue to provide transition support under a consulting agreement. Simultaneously, Babcock & Wilcox promoted Cameron Frymyer to Executive Vice President and Chief Financial Officer, Jimmy Morgan to Chief Commercial Officer, and Chris Riker to Executive Vice President and Chief Operating Officer.
In its third-quarter earnings report, Babcock & Wilcox showed considerable improvements in operating margins and adjusted EBITDA, despite a slight decrease in revenue to $209.9 million. This was largely due to the divestiture of the BWRS asset. Adjusted EBITDA saw a significant 78% increase year-over-year, reaching $23.3 million.
The company also highlighted strategic shifts away from low-margin projects and enhancement of project performance. Babcock & Wilcox's focus on energy solutions, including natural gas conversions and renewable technologies, positions it favorably for future growth. The company is also advancing in the BrightLoop hydrogen production project, securing a $10 million forgivable loan for another initiative. These are recent developments reflecting the company's strategic focus and potential for growth in the energy solutions market.
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