Sterling Construction Announces CFO Transition
By Business Wire News
By Business Wire News
Sterling Construction Company, Inc. (NasdaqGS:STRL), (“Sterling” or the “Company”) today announced that Executive Vice President and Chief Financial Officer, Thomas R. Wright has stepped down effective July 3, 2015 due to personal reasons, but will remain involved with the company on a consulting basis. The Company plans to launch a search for a new CFO and will evaluate both internal and external candidates. Kevan Blair, SVP Corporate Finance, has been named interim Chief Financial Officer.
Mr. Wright stated, “It has been a pleasure to serve as Sterling’s CFO. I value my relationships with our management team, our Board of Directors, employees, customers, and shareholders, as well as our bonding and lending institutions. I look forward to working in a consulting capacity with the Company to ensure an efficient and seamless transition.”
“On behalf of our Board, we want to thank Tom for his hard work and dedication during his time as Sterling’s CFO,” stated Paul Varello, Sterling’s Chief Executive Officer. “Tom’s efforts have been invaluable to our Company’s ability to navigate through numerous challenges over the past two years. We would also like to thank Kevan Blair for agreeing to serve as our interim CFO. Kevan has been CFO of our very successful RLW subsidiary for more than 10 years, and has served in finance positions in the construction industry for 35 years. In 2008, he was named CFO of the Year by Utah Business Magazine.”
Before joining RLW in December 2004, Mr. Blair held senior-level finance positions with Daw Technologies, Inc., including CFO of Daw Incorporated. Mr. Blair earned a Bachelor of Science degree in Accounting from the David Eccles School of Business at the University of Utah.
Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Arizona, California, Hawaii, and other states where there are construction opportunities. Its transportation infrastructure projects include highways, roads, bridges and light rail and its water infrastructure projects include water, wastewater and storm drainage systems.
This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, federal, state and local government funding, competitors’ and customers’ actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.
Sterling Construction Company, Inc.
Paul Varello, 281-951-3522
Chief Executive Officer
Investor Relations Counsel:
The Equity Group, Inc.
Fred Buonocore 212-836-9607
Linda Latman 212-836-9609