Furmanite CEO Plans Retirement - No Change in Direction

HOUSTON--(BUSINESS WIRE)--May 27, 2014-- Furmanite Corporation (“the Company”) (NYSE: FRM) today announced that Charles R. (Charlie) Cox will retire as the Company’s CEO effective as of December 31, 2014. The Company also announced that Sangwoo (Bill) Ahn, Presiding Non-Executive Director, will assume the additional role of Non-Executive Board Chairman during the succession planning process associated with Mr. Cox’s retirement. Mr. Cox will continue to serve as a director of the Company.
Mr. Cox said, “I am extremely pleased with what our great team has accomplished in the past four years, and with our positioning for remarkable future growth and success as well! Our entire management team and Board remain totally committed to the Company’s new cultural and strategic direction. This includes the continued integration of our extensive geographical footprint with our World leading service line capabilities to truly serve our customers “The Orange Way”, as one single global team!”
Mr. Ahn added, “The Board has been working on a succession plan and the Board’s approval of Charlie’s decision to retire at the end of 2014 simply marks the next stage in an orderly succession process supporting the Company’s continuing growth. The Board will assure that continuity of our strategic direction is maintained through, and beyond, the leadership transition!”
Mr. Cox concluded, “We still have much to accomplish in 2014 and are confident that the normal activities of the succession process will have no impact on either current operations or our planning and preparation for the Company’s future!”