TUALATIN, Ore., Oct. 1, 2019 /PRNewswire/ -- CUI Global, Inc.
(NASDAQ: CUI) (the "Company" or "CUI Global") today announced that
its Board of Directors has appointed Vice Chairman James ("Jim")
O'Neil to the role of chief executive officer effective
immediately. Mr. O'Neil succeeds William J.
Clough, who remains with the Company as executive chairman,
president and chief legal officer. In addition, Sarah Tucker, an oil and gas industry veteran,
has been appointed to the Board of Directors effective immediately.
Ms. Tucker replaces Mr. O'Neil as an independent director. Her
appointment increases the size of the Company's board from 6 to
7.
William J. Clough said, "With the
sale of our Electromechanical business earlier today we are moving
forward with an important component of our transformation plan --
the divestiture of our Power and Electromechanical business. It is
therefore the right time for me to hand the CEO title and
responsibilities over to Jim so he can fully execute his
vision for the company. I would also like to welcome Sarah to our
board and will seek to leverage her deep energy services industry
expertise to guide our future growth."
Mr. O'Neil stated, "I am pleased to lead CUI Global's
transformation into a diversified energy infrastructure services
platform serving North American energy customers at a time of
substantial industry growth. Our transformation calls for the
company to increase shareholder value through acquisitions and
profitable organic growth."
Mr. O'Neil has served as vice chairman for CUI Global since
July 2019 and has been instrumental
in formulating and executing on the Company's transformation plan
that reshapes the Company into a diversified energy services
platform. He was previously chief operating officer, chief
executive officer and president of Quanta Services, Inc. (Quanta) ,
an infrastructure solutions provider for the electric power, oil
and natural gas, telecommunications and renewable industries. Over
an eight-year period (2008 – 2016) as COO and then CEO, Mr. O'Neil
grew the company into a Fortune 500 enterprise with $7+ billion in
annual revenue at its peak through a combination of both organic
growth and many strategic acquisitions. Illustrative of Mr.
O'Neil's success at Quanta, Institutional Investor Magazine named
him a 'Best CEO' in 2015 in the Engineering & Construction
category, and ranked Quanta #1 on its 'All-America Executive Team -
Honored Companies' list in 2016.
Ms. Tucker is a veteran of the oil and gas industry with deep
expertise in the business development, planning, engineering,
procurement and construction of oil and gas projects globally. She
has served as an operations executive and managing director for
major engineering, construction and petrochemical technology
companies including Kellogg, KBR, Kellogg-Mitsubishi Development
Company, Raytheon Engineers and Constructors, Kvaerner Engineering
and Construction of Norway. Over
the past several years, she has worked closely with Mexican
national oil company PEMEX to establish the country's first deep
water project.
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected
World . . . . .
CUI Global, Inc. is a publicly traded company dedicated to
maximizing shareholder value through the acquisition and
development of innovative companies, products and technologies.
From Orbital Gas Systems' advanced GasPT® platform targeting the
energy sector, to CUI Inc.'s advanced power platform serving the
networking and telecom space, CUI Global and its subsidiaries have
built a diversified portfolio of industry leading technologies that
touch many markets. As a publicly traded company, shareholders can
participate in the opportunities, revenues, and profits generated
by the products, technologies, and market channels of CUI Global
and its subsidiaries. But most important, a commitment to conduct
business with a high level of integrity, respect, and philanthropic
dedication allows the organization to make a difference in the
lives of their customers, employees, investors and global
community.
For more information please
visit: http://www.cuiglobal.com
Important Cautions Regarding Forward Looking
Statements
This document contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such statements are subject to risks and uncertainties that could
cause actual results to vary materially from those projected in the
forward-looking statements. The Company may experience significant
fluctuations in future operating results due to a number of
economic, competitive, and other factors, including, among other
things, our reliance on third-party manufacturers and suppliers,
government agency budgetary and political constraints, new or
increased competition, changes in market demand, and the
performance or reliability of our products. These factors and
others could cause operating results to vary significantly from
those in prior periods, and those projected in forward-looking
statements. Additional information with respect to these and other
factors, which could materially affect the Company and its
operations, are included in certain forms the Company has filed
with the Securities and Exchange Commission.
External IR Counsel:
LHA Investor Relations
Sanjay M. Hurry
212-838-3777
cuiglobal@lhai.com
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SOURCE CUI Global, Inc.