NEW YORK, June 11, 2020 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2”
or the “Company”) (NYSE: HCHC), a diversified holding company,
announced today its Board of Directors has appointed Wayne Barr, Jr.
as interim Chief Executive Officer. Mr. Barr succeeds Philip A.
Falcone, effective immediately.
The Board of Directors intends to commence a search for a permanent
CEO and has formed a search committee comprised of Chairman Avie
Glazer, and directors Warren Gfeller and Michael Gorzynski.
“After a thorough review, the new HC2 Board has determined that the
best course of action is to appoint Wayne as interim CEO while we
embark on a search for a permanent successor,” said Mr. Glazer,
Chairman of the Board of Directors of HC2. “With Wayne’s extensive
financial and strategic experience, his familiarity with HC2 since its
inception, along with the incumbent HC2 team that has been effectively
executing on transforming our business, we are confident that he will
skillfully guide HC2 through this next phase and create value for our
stockholders.
“At the same time, we also want to thank Phil for his contributions to
HC2,” added Mr. Glazer. “Phil helped build HC2 over the past six
years, acquiring undervalued assets and growing them under the HC2
umbrella. He has set the stage for HC2 to succeed in its next
chapter. We wish him all the best in his future endeavors.”
Mr. Barr will continue to serve on the recently created Executive
Committee of the Board, comprised of Chairman Avie Glazer, Michael
Gorzynski and Mr. Barr, while Shelly Lombard will replace Mr. Barr on
the Compensation Committee, effective immediately.
Mr. Barr has served as a director of HC2 since January 2014, as well
as serving as a director of certain HC2 subsidiaries. Since
March 2019, Mr. Barr has been President and CEO of CCUR Holdings, Inc.
(OTCQB: CCUR) (“CCUR”). He joined the CCUR board in 2016 and was also
Executive Chairman of CCUR until April 2020. Mr. Barr is also a
member of the board of directors of Alaska Communications Group, Inc.,
(NASDAQ: ALSK), where he is chairman of the Compensation and Personnel
Committee and serves on the Nominating and Governance Committee.
“I appreciate the Board’s confidence, and I am proud to be leading our
excellent team on an interim basis through this important period,”
said Mr. Barr. “All of our businesses and our teams have stepped up
admirably during these challenging times, and we are on the right path
with respect to de-levering our balance sheet and strengthening our
capital structure. Additionally, our Board continues to evaluate all
strategic options in order to unlock additional value for our
stockholders.”
About HC2
HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC)
diversified holding company, which seeks opportunities to acquire and
grow businesses that can generate long-term sustainable free cash flow
and attractive returns in order to maximize value for all
stakeholders. HC2 has a diverse array of operating subsidiaries across
multiple reportable segments, including Construction, Energy,
Telecommunications, Life Sciences, Broadcasting, Insurance and Other.
HC2's largest operating subsidiary is DBM Global Inc., a family of
companies providing fully integrated structural and steel construction
services. Founded in 1994, HC2 is headquartered in New York, New York.
Learn more about HC2 and its portfolio companies at www.hc2.com.
Cautionary Statement Regarding
Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995: This press release contains, and certain oral statements
made by our representatives from time to time may contain,
forward-looking statements. Generally, forward-looking statements
include information describing actions, events, results, strategies
and expectations and are generally identifiable by use of the words
“believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,”
“estimates,” “projects,” “may,” “will,” “could,” “might,” or
“continues” or similar expressions. The forward-looking statements in
this press release include, without limitation, any statements
regarding HC2’s expectations regarding building shareholder value,
future cash flow, longer-term growth and invested assets, the timing
and effects of redeeming the 11.5% Notes, reducing HC2's leverage and
interest expense, the timing or prospects of any refinancing of HC2's
remaining corporate debt, and any statements regarding HC2’s
expectations regarding entering definitive agreements in respect of
the potential divestitures of Continental Insurance and/or DBM
Global. Such statements are based on the beliefs and assumptions of
HC2’s management and the management of HC2’s subsidiaries and
portfolio companies. The Company believes these judgments are
reasonable, but you should understand that these statements are not
guarantees of performance or results, and the Company’s actual results
could differ materially from those expressed or implied in the
forward-looking statements due to a variety of important factors, both
positive and negative, that may be revised or supplemented in
subsequent statements and reports filed with the Securities and
Exchange Commission (“SEC”), including in our reports on Forms 10-K,
10-Q, and 8-K. Such important factors include, without limitation,
issues related to the restatement of our financial statements; the
fact that we have historically identified material weaknesses in our
internal control over financial reporting, and any inability to
remediate future material weaknesses; capital market conditions,
including the ability of HC2 and HC2’s subsidiaries to raise capital;
the ability of HC2’s subsidiaries and portfolio companies to generate
sufficient net income and cash flows to make upstream cash
distributions; volatility in the trading price of HC2 common stock;
the ability of HC2 and its subsidiaries and portfolio companies to
identify any suitable future acquisition or disposition opportunities;
our ability to realize efficiencies, cost savings, income and margin
improvements, growth, economies of scale and other anticipated
benefits of strategic transactions; difficulties related to the
integration of financial reporting of acquired or target businesses;
difficulties completing pending and future acquisitions and
dispositions; effects of litigation, indemnification claims, and other
contingent liabilities; changes in regulations and tax laws; and risks
that may affect the performance of the operating subsidiaries and
portfolio companies of HC2. Although HC2 believes its expectations
and assumptions regarding its future operating performance are
reasonable, there can be no assurance that the expectations reflected
herein will be achieved. These risks and other important factors
discussed under the caption “Risk Factors” in our most recent Annual
Report on Form 10-K filed with the SEC, and our other reports filed
with the SEC could cause actual results to differ materially from
those indicated by the forward-looking statements made in this press
release.
You should not place undue reliance on forward-looking statements.
All forward-looking statements attributable to HC2 or persons acting
on its behalf are expressly qualified in their entirety by the
foregoing cautionary statements. All such statements speak only as of
the date made, and unless legally required, HC2 undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.
Contact:
Investor Relations
Garrett Edson
ir@hc2.com
(212) 235-2691
