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Mikel H. Williams elected chairman of the board
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Chief Restructuring Officer John R. Castellano named interim CEO;
John Welch to step down later this month
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Board establishes committee assignments
BETHESDA, Md.--(BUSINESS WIRE)--Oct. 1, 2014--
The board of directors for Centrus Energy Corp. (NYSE:LEU) elected Mikel
H. Williams as its chairman during its organizational meeting today.
Williams had served on the Company’s previous board of directors. The
Company’s current president and chief executive officer, John K. Welch,
64, will step down on October 17, 2014, and the board has begun the
process of selecting the next chief executive officer. These moves
provide continuity and stability as the Company completes its corporate
transition.
In electing Williams as chairman, the board noted his broad leadership
capabilities as a CEO and director, and his experience leading a variety
of advanced technology and manufacturing companies. Williams, 57, joined
the board of directors of USEC Inc. in 2013. He has served as the chief
executive officer and a director of JPS Industries, Inc., a composite
materials manufacturer, since May 2013. From 2005 to 2012, Williams was
the president, CEO and a director of DDi Corporation, an electronics
manufacturing company. Williams has also served in various management
positions and on the board of directors for several technology-related
companies.
“There are both challenges and opportunities ahead for Centrus, and I am
excited about our company’s future prospects,” Williams said. “We have
significant inventory and supply sources to compete in the global
nuclear fuel market, and I continue to be impressed by the American
Centrifuge technology.
“We have an outstanding mix of directors, including members who served
on the previous board and new board members with fresh ideas for
Centrus. These directors bring many years of experience and business
acumen to the company as we complete the corporate transition smoothly,”
Williams added.
As part of that transition, the board has established a process to
identify and select the next CEO, considering both internal and external
candidates. The board has selected Spencer Stuart, a leading executive
search firm, to assist in the process. John R. Castellano, who has
served as the chief restructuring officer for the Company for the past
year, will serve as the interim president and CEO effective on October
17.
“After successfully demonstrating the benefits of the American
Centrifuge technology and completing the restructuring, Centrus is on
track to succeed. After nine years as CEO, this is the right time for me
to step down,” Welch said, adding that he will step down from the board
at the same time.
“John Welch has done an outstanding job leading the company through the
development and demonstration of the American Centrifuge technology.
John and I think this the right time for this leadership transition,”
Williams said. “We will seek his counsel as an advisor as we move
towards deploying this industry-leading uranium enrichment technology.
“We are fortunate to have someone of John Castellano’s caliber available
to step forward as interim CEO as we conduct a thorough search for our
next chief executive. Castellano has served as the chief restructuring
officer since October 2013 and has gained an understanding of our
business. He is well positioned to serve in this interim role while we
consider internal and external permanent candidates,” Williams added.
Castellano, 47, joined AlixPartners, a global business advisory firm, in
1998. He has more than two decades of experience restructuring energy,
oilfield services and infrastructure companies. He earned an MBA from
Kellogg Management School at Northwestern University, and holds several
accounting certifications. The executive search is expected to take
several months.
With its recent restructuring, Centrus is entering a new era with a
stronger balance sheet, a global customer base and a leading enrichment
technology. The Company possesses a reputation for reliability,
innovation and excellence in operations and is home to the nation’s
leading team of experts in uranium enrichment. The American Centrifuge
is the most efficient gas centrifuge technology in the world and stands
ready to support the U.S. government’s national and energy security
objectives.
The United States Government has acknowledged the need for an indigenous
source of uranium enrichment to support national security. On the
commercial side, more than 70 new reactors are under construction
internationally, hundreds more reactors are planned and more than 400
existing reactors will need to be refueled for years to come. Reliable,
safe and carbon-free generation of baseload electricity with nuclear
fuel will remain an appealing proposition to developed and developing
economies around the world.
The directors held their organizational meeting one day after the Plan
of Reorganization was effective and shares of LEU began trading on the
New York Stock Exchange. In addition to the election of Williams as
chairman, the board organized its committee structure and assigned
directors to the committees. Dr. William Madia will continue to serve as
chairman of the Technology, Competition and Regulatory Committee; W.
Thomas Jagodinski was appointed chairman of the Audit and Finance
Committee; and Michael Diament will serve as chairman of the
Compensation, Nominating and Governance Committee.
About Centrus Energy Corp.
Centrus Energy Corp. is a trusted supplier of enriched uranium fuel for
a growing fleet of international and domestic commercial nuclear power
plants. Centrus is working to deploy the American Centrifuge technology
for commercial needs and to support U.S. energy and national security.
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of Section 21E of the Securities Exchange Act of 1934 - that is,
statements related to future events. In this context, forward-looking
statements may address our expected future business and financial
performance, and often contain words such as “expects”, “anticipates”,
“intends”, “plans”, “believes”, “will” and other words of similar
meaning. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For Centrus Energy Corp.,
particular risks and uncertainties that could cause our actual future
results to differ materially from those expressed in our forward-looking
statements include, uncertainty regarding our ability to maintain the
listing of our common stock on the NYSE; uncertainty regarding our
ability to improve our operating structure, financial results and
profitability following emergence from Chapter 11; risks related to the
ongoing transition of our business, and other risks and uncertainties
discussed in our filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K and quarterly reports on Form
10-Q, which are available on our website www.centrusenergy.com.
We do not undertake to update our forward-looking statements except as
required by law.
Source: Centrus Energy Corp.
Centrus Energy Corp.
Investors:
Steven Wingfield, 301-564-3354
or
Media:
Paul
Jacobson, 301-564-3399
