The Board accepted the resignation of President & CEO Thomas S. Rooney, Jr., effective immediately. The Board has begun a search for a successor to Rooney as CEO and will consider both internal and external candidates. While the search is conducted Alfred L. Woods, a Director since 1997 and Non-Executive Chairman of the Board since 2003, will serve as interim Chief Executive Officer. Woods also will continue as Chairman of the Board. Other than Rooney, the senior management team will remain in place.
Thomas E. Vossman, Senior Vice President and Chief Operating Officer since May, 2005, continues in that role. David F. Morris, the company's Senior Vice President, General Counsel and Secretary has been promoted to the newly-created post of Senior Vice President and Chief Administrative Officer. Morris joined the company in January, 2005. He will retain the duties of general counsel and secretary in his new position. David A. Martin, the company's Vice President and Controller, has been promoted to Vice President and Chief Financial Officer. Martin, who joined Insituform in 1993, has served as the company's principal financial and accounting officer since January, 2006.
"The post of CFO has been vacant for 19 months. During that time, as we considered various candidates for the post, our Board also watched David Martin grow and perform in his role as principal financial and accounting officer, and today we are quite confident that he is the right person to serve as CFO on a permanent basis," Woods said.
"David Morris's role of Chief Administrative Officer is a new position for the company. He will oversee administrative functions including legal, human resources, purchasing, information technology, real estate and facilities, risk management and insurance," Woods said.
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