Experienced Industrial Executive has Led Execution of Company’s
Strategic Plan Throughout 2015
SAN LEANDRO, Calif.--(BUSINESS WIRE)--
Energy
Recovery Inc. (NASDAQ:ERII), the leader in pressure energy
technology for industrial fluid flows, today announced that it has
appointed Mr. Joel Gay as Chief Executive Officer and as a member of its
Board of Directors, effective immediately. Mr. Gay previously served as
the Company’s Chief Financial Officer and joined Energy Recovery in 2012.
Mr. Gay brings substantial experience in leading multiple corporate
disciplines in global small-cap and large-cap companies. He has been
overseeing and directing the day-to-day affairs of Energy Recovery with
direct oversight from the Board of Directors since the announcement of
the Company’s Chief Executive Officer transition. The appointment is
part of Energy Recovery’s continued focus on maintaining a disciplined
approach to targeting its select markets within the oil & gas, chemical
processing, and sea water reverse osmosis seawater desalination
industries.
Mr. Hans Peter Michelet, Chairman of the Board of Directors, stated, “We
are very pleased to have Joel continue his leadership role as CEO. As we
continue to refine our go-to-market strategy, we understand that Energy
Recovery is not simply a supplier or services provider to various
industrial markets. Energy Recovery is synonymous with innovation, and
we will leverage our core expertise to take advantage of appropriate
variations in our business model, including licensing. We conducted a
comprehensive search for the Company’s next leader and concluded that
Joel is the right individual with the right experience, vision and
acumen.”
Mr. Michelet continued, “During the transition period, Joel has
successfully led the Company and created stability. He has implemented a
number of key operating and strategic initiatives, including
rationalizing our cost structure and re-focusing the Company’s sales
strategy. Importantly, Joel has led the development and process behind
Energy Recovery’s paradigm-shifting technology—the VorTeq™. For the last
year and a half, he has directly managed and led the VorTeq initiative,
including the execution of our strategic alliance with Liberty Oilfield
Services. In fact, his involvement extends to the creation of
intellectual property as he is identified as an inventor in several
VorTeq patent applications. Our Board of Directors and management are
aligned in our vision and plan for execution. We are confident that Joel
is the best person to lead the Company in this next phase of its
development. We believe that our current management team will execute on
these re-focused strategic initiatives, which also include market
expansion into the oil and gas industry and a continued strengthening of
Energy Recovery’s leading position in reverse osmosis sea water
desalination.”
Mr. Ole Peter Lorentzen, the Company’s largest shareholder and a member
of the Board of Directors, added, “Joel’s appointment as Chief Executive
Officer is the right decision. Ludvig Lorentzen AS has significantly
invested in Energy Recovery, and we feel Joel is the right individual to
lead us through our new initiatives, expand our technology portfolio and
markets, and increase long-term shareholder value. ”
Mr. Gay stated, “I look forward to continuing my work with the talented
team here at Energy Recovery as we move forward with our strategic
market expansion and product commercialization. We have made some
significant and necessary changes to our operating structure since the
beginning of 2015, which, I believe, will enable the Company to better
capitalize and execute on its business opportunities. From the
successful launch of the VorTeq solution to the re-focusing of our
strategic execution, our executive team is fully committed to creating
long-term shareholder value. I also will provide shareholders with an
accurate depiction of the progress Energy Recovery is making in the
various markets we are pursuing and intend to provide them with regular
and meaningful updates going forward. I very much appreciate the Board’s
support over the past few months, their vote of confidence through my
appointment as Chief Executive Officer, and am optimistic about the road
ahead.”
Mr. Gay has served as Energy Recovery’s Chief Financial Officer since
June 2014. He joined Energy Recovery in January 2012 and has held
several positions at the Company. Prior to this, Mr. Gay held various
roles at the Aegion Corporation (NASDAQ:AEGN), most notably as the CFO
of its largest division (North America). Mr. Gay has also held several
positions within the Service Master Corporation and began his career in
entrepreneurial finance.
Mr. Gay also serves on the board of GDG Constructors as an Executive
Director and Chair of the Audit Committee. Mr. Gay holds an MBA from the
University of Chicago’s Booth School of Business and a B.A. from St.
Thomas University.
Company to Conduct Search for Chief Financial Officer
The Company’s Board of Directors will conduct a search for a new Chief
Financial Officer to replace Mr. Gay in the coming weeks and will keep
investors apprised of its progress.
About Energy Recovery
Energy Recovery (NASDAQ:ERII) develops award-winning solutions to
improve productivity, profitability, and energy efficiency within the
oil & gas, chemical, and water industries. Our products simplify complex
systems and protect vulnerable equipment. By recycling fluid pressure
that would otherwise be lost in critical processes, we save clients more
than $1.4 billion (USD) annually. Headquartered in the San Francisco Bay
Area, Energy Recovery has offices in Shanghai and Dubai.
Forward-Looking Statements
This press release contains forward-looking statements that reflect
management's current expectations, assumptions and estimates of future
performance and economic conditions. Such statements are made in
reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. The company cautions investors that any forward-looking statements
are subject to risks and uncertainties that may cause actual results and
future trends to differ materially from those matters expressed in or
implied by such forward-looking statements. Statements about future
expectations about technology introduction and adoption, as well as
shareholder value are forward-looking and involve risks and
uncertainties. Energy Recovery disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise.
Energy Recovery, Inc.
Media:
Alex Dolan, +1
510-746-2574
adolan@energyrecovery.com
or
Investors:
The
Equity Group Inc.
Adam Prior, +1 212-836-9606
aprior@equityny.com
Source: Energy Recovery Inc.