CINCINNATI, May 15, 2013 /PRNewswire/ -- CECO Environmental Corp. (NasdaqGM: CECE), a leading global provider of air pollution control technology and systems, announced today that at a board meeting following its annual meeting held on May 15 th, CECO's founder Phillip DeZwirek announced that effective today he is retiring as Chairman and a Director of the Company after his outstanding leadership since 1991.
"I am truly honored to have been a part of building one of the global leaders in the air pollution control sector. With our recent announcement of the acquisition of Met-Pro Corporation, CECO is ideally positioned to continue its growth in profitability and shareholder value creation and is now ready for the next stage of its evolution," commented Phillip DeZwirek. "It has been an experience I will never forget and one that was made even better by being able to have the privilege of working with a very supportive, experienced and impressive team. I thank everyone at CECO including our employees, management, fellow board members and shareholders for their support and commitment to the Company. At 75 years of age, I am looking forward to dedicating more time to my philanthropic endeavors in both Canada and the United States."
Also at the meeting on May 15 th, the Board of Directors elected Mr. Jason DeZwirek, Phillip DeZwirek's son, as Chairman. The DeZwirek family is the largest shareholder of the Company.
Phillip DeZwirek continued, "I am thrilled that the Board of Directors has appointed Jason as the new Chairman and my successor. Jason has been an integral part of the Board for over 17 years. CECO continues to be one of our family's largest holdings and we intend to continue to be significant shareholders for many years to come."Jason DeZwirek stated, "The Board has been strategically focused on building a platform that mitigates risk while creating global growth opportunities. The Board and management remain committed to this strategy and delivering positive returns for shareholders, employees and customers while improving the air quality and quality of life in the facilities and communities where our technologies are installed." During Phillip DeZwirek's leadership of CECO, as Chairman since 1991 and Chief Executive Officer through 2010, CECO has:
- Increased its market capitalization from under $1 million to over $225 million
- Increased revenues from $250,000 to approximately $300 million pro forma after the closing of the recently announced acquisition of Met-Pro Corporation
- Completed more than 10 acquisitions
- Initiated the Company's first dividend in 2011 which has now been increased over 40% to $0.20 per share annually
- Grown its workforce from 10 employees to over 1000 after the closing of the Met-Pro acquisition
- Created a global presence with sales and manufacturing facilities around the world