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GLDD CFO William Steckel Leaves the Company

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD announced on April 10 that William Steckel, chief financial officer, is leaving the company to accept a senior management position with a privately held company. Concurrently, Vice President and Controller Katherine M. Hayes has been appointed interim CFO. The transition was effective April 24, 2014.

Jonathan Berger, chief executive officer stated, “I’d like to thank Bill for his many contributions to Great Lakes over the past two years. Bill has helped us navigate through many issues in his tenure, including leading our efforts to remediate the material weakness in internal control associated with our former demolition business, (see below) reorganizing and upgrading our accounting and finance functions, helping restructure and upgrade our purchasing and risk management functions, and launching our ERP system upgrade. Bill leaves us with a first-rate financial team in place, which I am confident will ensure a seamless transition during this interim period.”

Katherine M.. Hayes joined Great Lakes in January 2006 and has increased her level of responsibility since then. She was the treasurer of the company from March 2011 until she was named vice president and controller in November 2013. Her responsibilities include corporate accounting, financial reporting, forecasting and budgeting, investor relations and risk management. She previously served as director of corporate accounting for TransUnion.

The company has begun a search for a new CFO.

On April 24, GLDD finalized the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two subsidiaries that comprise the historical demolition business, to a privately owned demolition company in the Midwest for $5.3 million. 

Great Lakes retains the right to collect all outstanding accounts receivable and work in process at the date of close, as well as any outstanding claims, and retains certain obligations, including obligations related to performance bonds issued for existing projects. GLDD also retained a significant remediation project that will be performed by the company’s Terra subsidiary.

Jonathan Berger stated, “We are pleased to announce the sale of the historical demolition business as we continue to refocus our strategy and expand upon our success in environmental and remediation services that complement our core dredging business. The new ownership structure is a good fit for the historical demolition business and we wish all those related to that business, best wishes on future endeavors.”

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