DALLAS, Feb. 6, 2014 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that the Board of Directors ("Board") elected Peter Burlage, the Company's President and Chief Executive Officer, as Chairman of the Board and Robert McCashin as Lead Director. The role of Chairman was vacated when Mr. Sherrill Stone retired from the Board in January of this year.
The Company's governance documents provide the Board with flexibility to select the appropriate leadership structure for the Company. In making leadership structure determinations, the Board considers many factors, including the specific needs of the business and what is in the best interests of the Company's stockholders. The Board combined the roles of Chairman of the Board and Chief Executive Officer, as well as created the role of a Lead Director to be filled by a current independent director. The Board believes this structure balances strong Company leadership and appropriate safeguards and oversight by independent Directors. Mr. Burlage said, "I am excited to work with Bob in his new role as Lead Director. He is extremely well suited for this position. I also am looking forward to working even more closely with all members of the Board in my new role as Chairman."
Mr. McCashin commented, "The Board considered a number of governance models before deciding to combine the roles of Chairman and Chief Executive Officer and adding the role of a Lead Director. Peter's experience with the Company and industry, combined with active participation from the independent directors, make this direction an appropriate change in the Company's governance. I am honored to be elected as Lead Director. I look forward to serving in this important strategic and governance role."
About PMFG
PMFG is a leading provider of custom-engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. PMFG primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. Headquartered in Dallas, Texas, PMFG markets its systems and products worldwide.