DALLAS, TX--(Marketwired - November 15, 2016) - Primoris Services Corporation (NASDAQ: PRIM) ("Primoris" or "Company") today announced that its Board of Directors has appointed John P. Schauerman as a Class C director, effective November 15, 2016. Mr. Schauerman's appointed term will expire at the 2017 Annual Meeting. With the addition of Mr. Schauerman, the Board will consist of eight members of whom five meet the Nasdaq guidelines as independent directors. The Board has not yet appointed Mr. Schauerman to any specific committees.
Mr. Schauerman was a board member and executive officer of Primoris from July 2008, when Primoris became a publicly listed company through a merger with Rhapsody Acquisition Corp., to May 2013. His executive positions included Executive Vice President of Corporate Development from February 2009 to May 2013, when he was responsible for developing and integrating Primoris' overall strategic plan, including the evaluation and structuring of new business opportunities and acquisitions and Chief Financial Officer from February 2008 to February 2009. He also served as a director of ARB, Inc. ("ARB") a predecessor entity from 1993, when he joined ARB as a Senior Vice President, to July 2008. Prior to 1993, he served as a Senior Vice President of Wedbush Morgan Securities, Inc., a regional investment bank focused on financing activities for middle market companies (now Wedbush Securities, Inc.). Mr. Schauerman currently serves on the boards of directors of MYR Group, since March 2016; Harmony Merger Corp. since March 2015; and Wedbush Securities, Inc. since August 2014. Mr. Schauerman is also a member of the Dean's Executive Board of the UCLA School of Engineering. Mr. Schauerman holds an M.B.A. in Finance from Columbia University, New York, and a B.S. in Electrical Engineering from UCLA.
Mr. Brian Pratt, Chairman of the Board, commented, "We are pleased to have John return to the Primoris family as our newest Board Member, and I look forward to working with him again."
Mr. David King, President and Chief Executive Officer of Primoris, commented, "John's long history with Primoris and extensive knowledge of the banking and finance markets, combined with his strength in strategic planning and acquisition strategies, will be a valuable addition to the Board of Directors."
Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the largest publicly traded specialty construction and infrastructure companies in the United States. Serving diverse end-markets, Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation, and other customers. Growing both organically and through acquisitions, the Company's national footprint now extends nearly nationwide and into Canada. For additional information, please visit www.prim.com.
This press release contains certain forward-looking statements, including with regard to the Company's future performance. Words such as "estimated," "believes," "expects," "projects," "may," and "future" or similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K for the period ended December 31, 2015, and other filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.