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!”

Furmanite Technical Solutions - In the News!

OSHA names Chevron Phillips Chemical’s Cedar Bayou facility as having most VPP-certified companies at one site in U.S.

BAYTOWN – Today the U.S. Occupational Safety and Health Administration (OSHA) confirmed that the Cedar Bayou facility of Chevron Phillips Chemical Company LP (Chevron Phillips Chemical) in Baytown, Texas has the most Voluntary Protection Program (VPP) certified companies working at one site in the United States.
The Cedar Bayou facility and 11 of its contractors are VPP certified. The contractors include Brock Services LTD, Furmanite Technical Solutions, Jacobs Engineering Group Inc, Mobley Industrial Services Inc, Nalco Company, QualSpec, S&B Engineers & Constructors, SGS Petroleum Service Corporation, TechCorr USA, LLC, Veolia Environmental Services and Zachry Industrial Inc.


OSHA’s VPP recognizes employers in the private industry who have implemented effective safety and health management systems above and beyond federal regulations, while maintaining injury and illness rates below national Bureau of Labor Statistics averages for their respective industries. Chevron Phillips Chemical’s Cedar Bayou facility is also a STAR site in the VPP program and voluntarily mentored onsite contractors as they also received VPP certification at the site.
“This is a prestigious honor for Chevron Phillips Chemical,” said Van Long, plant manager at Chevron Phillips Chemical’s Cedar Bayou facility. “Having a facility with the most VPP-certified companies in the nation is a true testament of our commitment to provide a safe work environment for both our employees and contractors.”

The Cedar Bayou facility is located 28 miles east of downtown Houston and has been in operation since 1963. The plant is situated on 1,400 acres in the heart of the Golden Crescent, a 700-mile strip of the Gulf Coast that produces more than 80 percent of the petrochemicals manufactured in the United States. The Cedar Bayou facility produces ethylene, propylene, high-density polyethylene, low-density and linear low-density polyethylene, normal alpha olefins, and poly alpha olefins.
The Cedar Bayou facility is also the future site of the world’s largest 1-Hexene unit capable of producing up to 550,000 pounds per year with an expected start-up in 2014, as well as a new world-scale ethane cracker capable of producing 3.3 billion pounds per year of ethylene, as part of Chevron Phillips Chemical’s U.S. Gulf Coast Petrochemicals Project for startup in 2017. Construction on the new ethane cracker is expected to commence in early 2014 and to create approximately 400 long-term direct jobs and 10,000 engineering and construction jobs.