EnergySolutions, Inc. (ES: Quote), a provider of services to nuclear industry, Monday said it has appointed director David Lockwood as chief executive and president effective immediately, succeeding Val John Christensen. The company also named Greg Wood as its new executive vice president and chief financial officer, who will replace William Benz.
Further, EnergySolutions cut its adjusted earnings outlook for the year 2012. The shares fell about 46 percent in the morning trade.
The company now expects adjusted EBITDA for the year to be in the range of $130 million to $140 million, down from the prior guidance of $150 million to $160 million.
According to the company, the revised outlook reflects continued slowdown in shipments to Clive in both the government and commercial businesses, anticipated delay in the resolution of the Salt Waste project issues until 2013, and slower than planned realization of cost savings.
Lockwood is an operating executive and current board member. Since 2007, he has been a partner of ValueAct Capital, an investment management firm, and one of the company's largest institutional investors. Lockwood has also held various positions in financial services industry, including Managing Director at Goldman Sachs.
Greg Wood brings over 30 years of financial experience. He joins EnergySolutions from Actian Corp., a provider of database and data analytics software, where he had served as executive vice president and CFO. Prior to joining Actian, he held chief financial officer roles at numerous public and private companies, EnergySolutions said.
The company noted that Christensen will remain a strategic advisor to the firm.
ES is currently trading at $1.83, down $1.77 or 49.03 percent, on a volume of 3.81 million shares, against a three-month average volume of 854 thousand shares.
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by RTT Staff Writer
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