HOUSTON, Jan. 2, 2014 /PRNewswire/ -- Kirby Corporation ("Kirby") (NYSE:KEX), the nation's largest tank barge operator and diesel engine services provider, announced today the following management changes.
David W. Grzebinski has been elected President and Chief Operating Officer and will remain Kirby's Chief Financial Officer until after the filing of the 2013 Form 10-K in February 2014. Mr. Grzebinski previously served as Executive Vice President and Chief Financial Officer, a position he has held since 2010.
C. Andrew Smith has been elected Executive Vice President – Finance. Mr. Smith will assume the role of Executive Vice President and Chief Financial Officer after the filing of Kirby's 2013 Form 10-K. Mr. Smith, a Certified Public Accountant, brings to Kirby 20 years of extensive business and financial experience. Prior to joining Kirby, he served as Senior Vice President and Chief Financial Officer of Benthic Geotech and was previously Chief Financial Officer for both Global Industries, LTD and NATCO Group.
Joseph H. Pyne will remain Chairman of the Board and Chief Executive Officer. Mr. Pyne previously served as Chairman of the Board, President and Chief Executive Officer. He has served as the Chief Executive Officer of Kirby since 1995.Mr. Pyne stated, "The election of David Grzebinski as President and Chief Operating Officer and Andy Smith as Executive Vice President – Finance is the first step in the succession plan we announced in April 2013, with the goal of transitioning my Chief Executive Officer's position to David during 2014, and the Chief Financial Officer's position to Andy in February 2014. I intend to remain an active and engaged Chairman and I am looking forward to working with David and Andy and the Kirby management team in creating value for our shareholders." Kirby Corporation, based in Houston, Texas, is the nation's largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. Through the diesel engine services segment, Kirby provides after-market service for medium-speed and high-speed diesel engines and reduction gears used in marine and power generation applications. Kirby also distributes and services high-speed diesel engines, transmissions, pumps, compression products and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for land-based pressure pumping and oilfield service markets. Statements contained in this press release with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, changes in the Jones Act or in U.S. maritime policy and practice, fuel costs, interest rates, weather conditions, and timing, magnitude and number of acquisitions made by Kirby. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update any such statements. A list of additional risk factors can be found in Kirby's annual report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV