In a recent 8-K filing with the Securities and Exchange Commission, Babcock & Wilcox Enterprises , Inc. (NYSE:BW), a leader in energy and environmental products and services for power and industrial markets, announced significant executive transitions slated for the end of the year.
Louis Salamone, Jr., the company's Executive Vice President and Chief Financial Officer, will step down from his role on December 31, 2024. Salamone's departure follows a six-year tenure at the company during which the stock has shown significant volatility, with a current market capitalization of $188 million.
He will not leave the firm entirely; instead, he has agreed to a consulting agreement effective January 1, 2025, providing transition support for a one-year term.
Salamone will receive a monthly fee, a signing bonus, and an additional bonus under this agreement. His 130,000 restricted stock units will also vest on his departure date.
Simultaneously, Babcock & Wilcox (NYSE:BWXT) announced the promotion of three executives, effective January 1, 2025. Cameron Frymyer will take over as Executive Vice President and Chief Financial Officer. Frymyer brings extensive experience within the company, having served as Senior Vice President, Business Operations since 2023.
Jimmy Morgan, currently the company's Chief Operating Officer and Executive Vice President, will transition to the role of Chief Commercial Officer. Morgan's history with Babcock & Wilcox includes managing the Babcock & Wilcox Vølund subsidiary and overseeing various company segments.
Chris Riker will be appointed as the new Executive Vice President and Chief Operating Officer. Riker has been with the company since 2010 and has served in leadership roles across several divisions, most recently as Senior Vice President of Thermal.
In addition to these executive changes, the filing mentioned a third amendment to a consulting agreement with Henry E. Bartoli, a member of the company’s Board of Directors. The amendment extends Bartoli's consulting agreement through December 31, 2025, and includes compensation in the form of a monthly fee and restricted stock units.
The company has not disclosed any arrangements or understandings between the newly appointed executives and any other persons. There are also no family relationships between the new executives and any director or executive officer of the company, nor do they have any material interest in any transactions requiring disclosure.
These executive changes are part of Babcock & Wilcox's ongoing efforts to strengthen its leadership team as it continues to serve its global customer base.
This article is based on a press release statement.
In other recent news, Babcock & Wilcox Enterprises reported third-quarter earnings showing significant improvements in operating margins and adjusted EBITDA, despite a slight decrease in revenue. The company's strategic shift away from low-margin projects and enhancement of project performance were key drivers of these improved financial results.
Revenue for Q3 2024 stood at $209.9 million, mainly due to the divestiture of the BWRS asset, and adjusted EBITDA saw a significant 78% increase year-over-year, reaching $23.3 million. The company's focus on energy solutions, including natural gas conversions and renewable technologies, positions it favorably with an optimistic outlook for 2025.
Babcock & Wilcox is also advancing in the BrightLoop hydrogen production project, with a $10 million forgivable loan secured for another initiative. These are recent developments, reflecting the company's strategic focus and potential for growth in the energy solutions market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.