Furmanite Corporation (NYSE: FRM) announced that Charles R. Cox, a director of Furmanite since 1995, has been appointed chairman and CEO by the board of directors. His appointment follows the retirement of Michael L. Rose as chairman and CEO and as a director. The board also appointed Kevin R. Jost as a director to fill the vacancy.
An industrial services, engineering and construction industry veteran, Mr. Cox has 37 years of leadership experience, including 29 years with Fluor Corporation. His senior executive roles at Fluor include U.S. and global operations, serving clients in a wide range of industries. After retiring from Fluor in 1998, he served as chairman and CEO of WRS Infrastructure & Environment, Inc., a private equity group held company, from 2001 to 2006. Since then, he has served as chairman of two additional firms held by the same private equity group. Mr. Cox, 67, has been a member of the Furmanite board of directors since 1995. Mr. Cox also previously served on the boards of two other publicly traded firms, Kaneb Services LLC (NYSE: KSL) and Kaneb Pipe Line Partners, L.P. (NYSE:KPP).
Mr. Rose, 71, joined Furmanite in July 2005 and served the company first as president and chief operating officer since August 2005 and then as chairman of the board and CEO since January 2009.
“On behalf of the Board and management team, I want to thank Mike for his outstanding service to Furmanite, and welcome Charlie in this new and expanded role,” said Sangwoo Ahn, presiding non-executive director of Furmanite’s board. “Charlie is uniquely qualified to lead Furmanite, based on both his professional background and his deep knowledge of the company. He brings senior level strategic leadership skills, large scale global operational experience and an entrepreneurial commitment to value creation. We are confident that, through his experience and his solid understanding of Furmanite’s markets and operations, Charlie will drive a high level of performance going forward.”