Babcock & Wilcox appoints board of directors members

Babcock & Wilcox Enterprises Inc. (B&W), Charlotte, North Carolina, has appointed Brian R. Kahn, Henry E. Bartoli and Matthew E. Avril to the company’s board of directors. Kahn is the founder and managing partner of Vintage Capital Management, Orlando, Florida, which owns 14.9 percent of the company’s common shares. Bartoli is an established executive with more than 35 years of experience in the global power industry and Avril has more than 35 years of financial and operational experience in private and public companies.

Kahn, Bartoli and Avril will also each serve as an independent director and member of a committee of the board.

“We welcome Brian, Henry and Matt to the B&W Board of Directors,” Stephen G. Hanks, lead independent director, says. “They add strong industry, financial and governance expertise. The entire board and management team remain focused on improving the company’s profitability, cash flow and financial flexibility. Our new board members will provide valuable perspectives as we work toward achieving these goals and driving shareholder value.”

Kahn has held positions on the boards of directors for several public companies. He began his career at Fidelity Investments, Smithfield, Rhode Island, and holds a degree in Economics from Harvard University.

“We believe that B&W has a strong foundation and that there is significant opportunity for value creation within the company,” Kahn says. “As part of the enhanced board, I look forward to working constructively with my colleagues to help guide the company in enhancing value for all shareholders.”

Bartoli most recently served as president and CEO of Hitachi Power Systems America Ltd., Basking Ridge, New Jersey.

Avril most recently served as CEO of Diamond Resorts International, Las Vegas. He has held positions on the boards of directors of several public companies and serves on the boards of multiple investment firms.

In connection with the changes to its board, the company entered into an agreement with Vintage Capital Management and certain of its affiliates. The text of the agreement is being filed on a Form 8-K with the Securities and Exchange Commission. Shareholders believed to hold 11.3 percent of the company’s common shares separately agreed to vote for the expanded board at the 2018 Annual Meeting of Shareholders.