Babcock & Wilcox Enterprises Announces Executive Changes

Babcock & Wilcox Enterprises, Inc. (NYSE: BW) made notable announcements in its recent filing with the Securities and Exchange Commission (SEC) on December 2, 2024. The company, headquartered in Akron, Ohio, revealed that Louis Salamone, Jr., the current Executive Vice President and Chief Financial Officer, will be stepping down from his role, effective December 31, 2024.

To facilitate a smooth transition, Babcock & Wilcox Enterprises has entered into a consulting agreement with Mr. Salamone. According to the agreement dated November 27, 2024, Mr. Salamone will extend his services to the company for one year starting January 1, 2025. The arrangement includes a monthly fee of $29,166, a signing bonus of $525,000, and an additional bonus of $525,000 payable in monthly installments over the agreement term. Additionally, Mr. Salamone will vest in 130,000 restricted stock units on December 31, 2024.

In response to Mr. Salamone’s departure, the company announced new appointments effective January 1, 2025. Cameron Frymyer will assume the role of Executive Vice President and Chief Financial Officer, while Jimmy Morgan and Chris Riker will take on the positions of Executive Vice President and Chief Commercial Officer, and Chief Operating Officer, respectively.

Mr. Frymyer, aged 49, has been with the company since 2007 and has held various financial positions within Babcock & Wilcox Enterprises. Mr. Morgan, aged 55, has been the Chief Operating Officer since August 2020. Mr. Riker, aged 42, currently serves as Senior Vice President, Thermal.

There are no undisclosed arrangements or relationships between the newly appointed officers and any other individuals within the company, as per the SEC filing.

In connection with their new roles, Mr. Frymyer’s and Mr. Riker’s annual base salaries will increase to $500,000 each.

Furthermore, the filing also disclosed an amendment to the Consultant Agreement with Henry E. Bartoli, a company director. This amendment extends the agreement’s term until December 31, 2025, with Mr. Bartoli receiving a $12,500 monthly fee and restricted stock units valued at $75,000.

The specifics of the amendments and appointments have been meticulously outlined in the filing. For complete details, refer to the submitted Form 8-K and attached exhibits.

This concludes the key updates from Babcock & Wilcox Enterprises, shedding light on the recent changes within the company’s executive team and consulting agreements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Babcock & Wilcox Enterprises’s 8K filing here.

About Babcock & Wilcox Enterprises

Babcock & Wilcox Enterprises, Inc, together with its subsidiaries, provides energy and emissions control solutions to industrial, electrical utility, municipal, and other customers worldwide. The company operates through three segments: Babcock & Wilcox Renewable; Babcock & Wilcox Environmental; and Babcock & Wilcox Thermal.