Koil Energy Solutions Inc. (KLNG)

[mauiguy2]

I noticed this today from afar. I wonder if it will impact those of you still holding shares. Needless to say, it probably would have been better for long suffering shareholders if Ron had announced his resignation a decade ago. Things just never worked out for this company. Too bad. It wasn't a pleasant experience being a shareholder under Ron's leadership. I'm sure most would agree with me.

https://finance.yahoo.com/news/deep-down-announces-leadership-change-203100726.html


Deep Down Announces Leadership Change
GlobeNewswire•August 16, 2019
HOUSTON, Aug. 15, 2019 (GLOBE NEWSWIRE) -- Deep Down, Inc. (DPDW), a specialist in deepwater oil and gas production and distribution equipment and services, announced today it has accepted the resignation of Company founder and CEO, Ronald Smith, effective August 31, 2019, who is leaving to pursue interests outside the oil and gas industry. Charles Njuguna, Deep Down’s CFO, has been appointed to replace Mr. Smith in his role as CEO and as a member of the Board of Directors.

In light of his extensive experience and industry knowledge, Mr. Smith will continue to provide technical guidance in a consulting capacity thru 2021. Deep Down has also commenced a search for a Chief Operating Officer.

Mr. Njuguna joined Deep Down in 2012 to manage the Company’s corporate accounting activities. In 2015 he was appointed Business Manager to oversee all commercial activities and was appointed CFO in 2017. Mr. Njuguna has over 20 years of international business experience, including various operational and financial management roles in the US, UK and Africa. He earned his MBA degree from the University of Texas at Austin.

Mr. Smith commented, “I am extremely proud of the talented team, highly specialized products and solutions, and strong customer base and global reputation that we have built at Deep Down over the past 22 years. I leave my day to day role on a high note, under the disciplined leadership of our highly experienced board and management team led by friend Charles Njuguna. I have great confidence in Deep Down’s potential to deliver significant shareholder returns, and I look forward to collaborating and supporting my investment in Deep Down in any way I can through my ongoing independent consulting work.”

Mark Carden, Deep Down’s Chairman, said: “We are immensely grateful to Ron for his contributions to building Deep Down and its impressive array of deepwater solutions. Charles has proven his skill in driving business efficiency at Deep Down, and we are excited to benefit from his expertise and business discipline in the CEO role.”