BABCOCK Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 6, 2018, Babcock & Wilcox Enterprises, Inc. (the “Company”) announced that the employment of Elias Gedeon, Senior Vice President and Chief Business Development Officer, will be terminated as of March 5, 2018. The termination comes as the Company’s opportunities in its Power segment continue to shift more toward aftermarket parts and service and retrofit opportunities in the Americas, and away from large international new-build prospects. This action is also in-line with the Company's strategy to optimize its Power segment and overall cost structure for the current market environment, including the elimination of the Chief Business Development Officer position. Upon execution of a mutually acceptable separation agreement, Mr. Gedeon will receive payments in accordance with the Company’s Executive Severance Plan.
The Company is grateful to Mr. Gedeon for his service and many contributions.
About BABCOCK & WILCOX ENTERPRISES, INC. (NYSE:BW)
Babcock & Wilcox Enterprises, Inc. is a technology-based provider of fossil and renewable power generation and environmental equipment that includes a suite of boiler products and environmental systems, and services for power and industrial uses. The Company operates in three segments: Global Power, Global Services and Industrial Environmental. Through its Global Power segment, the Company engineers, manufactures, procures, constructs and commissions boilers fueled by fossil fuels and renewables in addition to environmental systems and related auxiliary equipment primarily to steam generating customers globally. Through its Global Services segment, the Company provides aftermarket products and services to steam generating utilities across the world and various industrial customers. Through its Industrial Environmental segment, the Company provides a range of environmental technology and services to industrial end markets across the world.