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THE WOODLANDS, Texas, July 21, 2014 (GLOBE NEWSWIRE) --
Layne Christensen Company (Nasdaq:LAYN)
("Layne" or the "Company") announced today that Andrew Atchison has been named Interim Chief Financial Officer, effective August 1, 2014. Mr. Atchison will succeed James R. Easter, who resigned from Layne effective August 1, 2014 to pursue other interests. Layne and its Board of Directors will conduct a search to identify a permanent CFO. Martha Vance, Layne's Chief Accounting Officer, also resigned effective on August 1, 2014. Her responsibilities will be assumed internally.
Mr. Atchison, 51, returns to Layne after having served as Controller from 1997 to June 2012, and assisting with various accounting functions during the Company's relocation to The Woodlands until July 2013. Since that time, Mr. Atchison has provided financial and accounting consulting services to other companies. Prior to joining Layne, Mr. Atchison, a CPA, had a 12-year career at Deloitte and Touche.
David A.B. Brown, Layne's CEO, commented, "I want to thank Jim and Martha for their contributions to Layne, the most significant of which includes building a strong, deep, and capable finance organization. Andy Atchison is a seasoned financial veteran. He is well-respected within our organization and his more than 15 years of experience at Layne will help ensure a seamless transition of responsibilities."
Mr. Brown concluded, "We remain confident in Layne's future. We continue to take the necessary steps to enhance the financial performance of our Heavy Civil business. Our Water Resources, Inliner, Geoconstruction and Energy Services divisions are positioned to improve their performance as FY 2015 progresses. Although Mineral Services continues to operate in a difficult environment, and challenges will likely persist throughout the year, we are continuing to manage costs and assets while the industry recovers."
Layne Christensen Company
Layne is a global water management, construction and drilling company, providing responsible solutions to the world of essential natural resources — water, mineral and energy. We offer innovative, sustainable products and services with an enduring commitment to safety, excellence, and integrity.