Houston-based steel fabricator and service provider to the industrial and energy sectors, Gulf Island Fabrication, has revealed the name of its new chairman of the board of directors, who will replace its current one after he retires at the end of his term. This change will result in a reduction in the board’s size.
Gulf Island informed on Monday that its chairman of the board of directors, Michael A. Flick , would retire effective upon the expiration of his current director term in connection with the company’s 2022 annual meeting of shareholders, reducing the board’s size to six members.
Richard Heo , Gulf Island’s President, and CEO, remarked: “On behalf of the board, I would like to thank Mike for his tireless commitment to the company. Mike’s outstanding leadership, business acumen and guidance have been invaluable to Gulf Island and we have benefited from his service to the company and our stakeholders. Mike has played a pivotal role in our strategic transformation and we wish him the very best in the years ahead.”
Flick has served as a director of the firm for 15 years and as chairman of the board since 2020 while also serving, at various times, as a member of the Audit Committee, member and chairman of the Compensation Committee, and member and chairman of the Corporate Governance & Nominating Committee.
Michael A. Flick, current director and chairman of the board at Gulf Island, commented: “It has been an honor to serve on the board of Gulf Island as both a director and as chairman. I am very proud to have been part of the company’s history and recent strategic transformation.”
The company’s board unanimously elected William E. Chiles as chairman of the board to succeed Flick following the 2022 annual meeting. Gulf Island further elaborated that Chiles has been a board member since 2014 and is currently the chairman of its Compensation Committee and a member of the Audit Committee.
“My time with Gulf Island has been extremely fulfilling, and I have the utmost confidence that Richard, Bill, the board and the company’s leadership team, will lead Gulf Island to great things in the years ahead,” added Flick.
When it comes to Gulf Island’s strategic transformation and pursuit of new growth opportunities to diversify its services business, increase skilled labour workforce, and create new revenue synergy opportunities, it is worth reminding that the firm acquired the business assets and operations of DSS from Dynamic Industries last year in December.