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Heckmann Corporation And Power Fuels To Merge Creating A Leading Environmental Services Company Focused On Energy And Industrial End-Markets

Stocks in this article: HEK

Governance and Management

Upon closing of the transaction, Mr. Heckmann will become Executive Chairman of the Board with full time responsibilities including leading the Company’s Board and overall corporate strategy. Mr. Johnsrud will join the Heckmann Board of Directors as Vice Chairman and become Chief Executive Officer of the Company. Mr. Johnsrud has been the CEO of Power Fuels since he acquired the business in 2005 and is a former senior executive with several financial services firms, most recently as a Managing Director and Senior Vice President at Bank of America. He holds an M.S. degree in economics from Texas A&M University. In addition, Jay Parkinson will join the business in the near term as Executive Vice President and Chief Financial Officer. Mr. Parkinson joins the Company from Jefferies & Company, Inc., where he was a Managing Director in the firm’s Energy Investment Banking group. Chuck Gordon will continue to direct the water business and serve as President of the newly created Fluids Management Division, which will include Power Fuels. James Devlin, who joined the Company with the Thermo Fluids acquisition last Spring, will be President of the newly created Recycling Division. Chris Chisholm will continue to serve the Company as Executive Vice President and CFO of the Fluids Management Division. Damian Georgino will continue in his role with the Company as Executive Vice President and Chief Legal Officer.

“I am extremely excited about this transaction. The merger will form a leading environmental services business focused on providing a comprehensive, single source for environmental solutions,” said Mr. Johnsrud. “The unconventional shale plays are a game-changer for the U.S. domestic energy equation, and the key issue for producers is ensuring top-tier environmental management of their operations. The combined company is ideally suited to provide professional and comprehensive environmental solutions to our customers, and for some time they have asked us to consider expanding our services. As we merge our organizations, we are building a company that can provide leading service and technology for our combined customer base. The expanding focus on domestic energy development will also give our workforce an exciting platform for professional growth.”

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