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Powell Industries Announces Brett A. Cope To Assume Role Of Chairman of the Board
HOUSTON, Sept. 23, 2019 /PRNewswire/ -- Powell Industries, Inc. (the "Company") (NASDAQ: POWL), a leading supplier of custom engineered solutions for the
About this update from Powell Industries, Inc.
[{"type":"text","content":" HOUSTON, Sept. 23, 2019 /PRNewswire/ -- Powell Industries, Inc. (the \"Company\") (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management, control and distribution of electrical energy, today announced that Thomas W. Powell elected to step down as Chairman of the Board as of September 16, 2019 in furtherance of the Company's continued long-term succession planning efforts. In recognition of Mr. Powell's longstanding service and contributions, the Board designated Mr. Powell as Chairman Emeritus of the Board. Mr. Powell intends to continue actively serving as a director on the Board. The Company also announced today that, in connection with Mr. Powell's transition to Chairman Emeritus, the Board elected Brett A. Cope as its new Chairman of the Board as of September 16, 2019.\n\"It has been my great pleasure to serve as Chairman of the Board for the past 35 years,\" said Mr. Powell. \"Consistent with the Company's succession plans, I look forward to my continued active involvement as a member of the Board in all Board-related activities and to maintaining my alignment with stockholder interests. I am also excited for Brett's election as Chairman of the Board. Brett has more than 29 years of industry experience, and the Company has realized great success and growth since his appointment as Chief Executive Officer. I am confident that his leadership in the combined role of Chairman of the Board and Chief Executive Officer will continue to have a positive impact on the Company's progress.\"\nMr. Cope noted, \"We are thankful for Tom's dedicated and loyal service which dates to his start with the Company in 1964. He has made immeasurable contributions to the success of the Company in so many ways. We will continue to rely on his experience and vision as Chairman Emeritus and as an active member of the Board. In addition, I am privileged and honored to step into the role of Chairman of the Board. I look forward to working with Tom, our presiding independent director, Dick Williams, and the rest of the Board in furthering Powell's continued growth and success.\"\nMr. Powell has served as the Company's Chairman of the Board since 1984. During that time, Mr. Powell served as both the Chairman of the Board and the Company's President and Chief Executive Officer from 1984 through September 30, 2008 and again fr...