Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - POWELL INDUSTRIES INC | h84760e8vk.htm |
Exhibit 99.1
|
Press Release | |||
| Contacts: | Don R. Madison, CFO | |||
| Powell Industries, Inc. | ||||
| 713-947-4422 | ||||
FOR IMMEDIATE RELEASE |
||||
| Ken Dennard / ksdennard@drg-l.com | ||||
| Karen Roan / kcroan@drg-l.com | ||||
| DRG&L / 713-529-6600 |
POWELL INDUSTRIES ANNOUNCES NEW APPOINTMENTS
Appointment of Director
Appointment of Principal Accounting Officer
Appointment of Director
Appointment of Principal Accounting Officer
HOUSTON, TX — SEPTEMBER 19, 2011 — Powell Industries, Inc. (the “Company”) (NASDAQ: POWL), a
leading manufacturer of equipment and systems for the management and control of electrical energy
and other critical processes, announced that on September 13, 2011 the Company’s Board of Directors
(the “Board”) appointed Scott E. Rozell as a Director, with his appointment effective as of
September 13, 2011, for the term expiring at the next annual meeting of stockholders in 2012.
Since 2001, Mr. Rozzell has been the Executive Vice President & General Counsel of CenterPoint
Energy. From 1975 to 2001, Mr. Rozzell was a lawyer in the Houston office of Baker Botts LLP,
where he chaired the firm’s energy department. Mr. Rozzell received a BA from Southern Methodist
University in 1971 and a JD from the University Of Texas School Of Law in 1975.
Mr. Rozzell will be a member of the Company’s 2012 director class. Upon the effectiveness of
his election on September 13, 2011, Mr. Rozzell received an initial grant of restricted stock equal
to 1,500 shares (based on the 2,000 shares annual grant pro-rated for the remainder of his year of
service that ends on the next annual grant date). This option grant is pursuant to the Company’s
Non-Employee Director Restricted Stock Plan and will vest over the next two regular annual grant
dates. As a non-employee director, he will also be entitled to the fees payable to all other
non-employee directors, including a quarterly retainer of $3,750 and the fees payable for attending
board meetings and any committee meetings he may attend in the future.
On September 13, 2011, the Board appointed Milburn E. Honeycutt, the Company’s Vice President
and Corporate Controller, to the additional role of Principal Accounting Officer,
effective
immediately, replacing Don R. Madison in the role of Principal Accounting Officer. Mr. Madison
will continue his roles as Chief Administrative Officer and Chief Financial Officer of the Company
and as Principal Financial Officer of the Company.
Mr. Honeycutt has served as Vice President and Corporate Controller of the Company since April
15, 2005. From October 2003 through April 2005, Mr. Honeycutt served as Vice President and
Controller of Synagro Technologies, Inc. Prior to that, Mr. Honeycutt served in several capacities
with Comfort Systems USA, Inc., including Senior Vice President of Finance, Operations, and
Corporate Controller.
Powell Industries, Inc., headquartered in Houston, designs, manufactures and packages systems and
equipment for the control, distribution and management of electrical energy and other dynamic
processes. Powell provides products and services to large industrial customers such as utilities,
oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining
operations, commuter railways and other vehicular transportation facilities. For more
information, please visit www.powellind.com.
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