GSE Systems, Inc. (“GSE” or “the Company”) (NYSE Amex: GVP), a global energy services solutions provider, today announced that Chris Sorrells has been appointed to the Company’s Board of Directors. Mr. Sorrells will serve as a member of GSE’s Compensation Committee. GSE’s Board now consists of eight members, six of whom, including Mr. Sorrells, are independent.
Mr. Sorrells, 43, brings more than 17 years of experience working with a variety of energy and environmental service companies, including those involved in utility, oilfield services, power electronics, recycling, industrial technology, and renewable energy. He is a Managing Director at NGP Energy Technology Partners ("NGP ETP"), which he joined at its formation in September 2005. NGP ETP is a leading private equity firm focused on companies that provide products and services to the oil and gas, power, and environmental service sectors and is an affiliate of NGP Energy Capital Management, which together with its affiliates have managed over $9.5 billion in committed capital since 1988. NGP ETP beneficially owns approximately 1.7 million shares of GSE common stock.
Prior to joining NGP ETP, Mr. Sorrells worked at private equity firm Clarity Partners and at Banc of America Securities. In 1999, he founded and headed Bank of America's Energy Technology Investment Banking Group, where he was involved in a broad range of energy and energy-related transactions. Prior to that, Mr. Sorrells was an investment banker at Salomon Smith Barney, where he focused on energy and power companies.
Mr. Sorrells is a board member of Lehigh Technologies, Living Earth, groSolar, and Renewable Energy Group, and a board observer at Community Energy. He holds a BA from Washington and Lee University, a Master of Accounting degree from the University of Southern California, and an MBA from the College of William and Mary.Jim Eberle, Chief Executive Officer of GSE, commented, “We are honored that Chris accepted our invitation to join the Board of Directors. NGP ETP is a highly regarded energy investor and we look forward to benefiting from the experiences and insights of Chris and NGP ETP, particularly as we continue to advance our strategy of evolving into a global energy services solutions provider.”
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