Published: March 10, 2010
Charles R. Cox Appointed Chairman and CEO of Furmanite Corporation; Michael L. Rose Retires
DALLAS - (BUSINESS WIRE) - Furmanite Corporation (NYSE: FRM) announced that Charles R. Cox, a
director of Furmanite since 1995, has been appointed chairman and CEO by
the board of directors. His appointment follows the retirement of
Michael L. Rose as chairman and CEO and as a director. The board also
appointed Kevin R. Jost as a director to fill the vacancy.
An industrial services, engineering and construction industry veteran,
Mr. Cox has 37 years of leadership experience, including 29 years with
Fluor Corporation. His senior executive roles at Fluor include U.S. and
global operations, serving clients in a wide range of industries. After
retiring from Fluor in 1998, he served as chairman and CEO of WRS
Infrastructure & Environment, Inc., a private equity group held company,
from 2001 to 2006. Since then, he has served as chairman of two
additional firms held by the same private equity group. Mr. Cox, 67, has
been a member of the Furmanite board of directors since 1995. Mr. Cox
also previously served on the boards of two other publicly traded firms,
Kaneb Services LLC (NYSE: KSL) and Kaneb Pipe Line Partners, L.P.
(NYSE:KPP).
Mr. Rose, 71, joined Furmanite in July 2005 and served the company first
as president and chief operating officer since August 2005 and then as
chairman of the board and CEO since January 2009.
"On behalf of the Board and management team, I want to thank Mike for
his outstanding service to Furmanite, and welcome Charlie in this new
and expanded role," said Sangwoo Ahn, presiding non-executive director
of Furmanite's board. "Charlie is uniquely qualified to lead Furmanite,
based on both his professional background and his deep knowledge of the
company. He brings senior level strategic leadership skills, large scale
global operational experience and an entrepreneurial commitment to value
creation. We are confident that, through his experience and his solid
understanding of Furmanite's markets and operations, Charlie will drive
a high level of performance going forward."
Mr. Cox said, "Furmanite has a great team in place, a strong balance
sheet, long term customer relationships and world class services. I look
forward to working closely with Joe Milliron, our president and chief
operating officer, and the entire worldwide team as we develop Furmanite
into a more focused and profitable company that delivers value to our
shareholders."
In addition to appointing Mr. Cox to serve as Chairman and CEO of
Furmanite, the board of directors appointed Kevin R. Jost as a director.
Mr. Jost is the former president of Honeywell Imaging and Mobility
(previously Hand Held Products, Inc.), a manufacturer of data collection
and management solutions. Mr. Jost was president and CEO of Hand Held
Products from its inception in 1999 until it was acquired by Honeywell
in 2007, and continued to serve as the company's chairman and CEO
through his retirement in December 2008. From 1982 until 1999, Mr. Jost
was Vice President and general manager of Welch Allyn Data Collection, a
division of Welch Allyn, Inc., which acquired Hand Held Products. The
company continued under the name of Hand Held Products. Since 2004, Mr.
Jost has served as a member of the board of directors of PAR Technology
(NYSE: PTC), a publicly traded company that delivers solutions for the
hospitality, logistics and government industries.
About Furmanite
Furmanite Corporation (NYSE: FRM) is a worldwide technical services
firm. Headquartered in Dallas, Texas, Furmanite, one of the world's
largest specialty technical services companies, delivers a broad
portfolio of engineering solutions that keep facilities operating,
minimizing downtime and maximizing profitability. Furmanite's diverse,
global customer base includes offshore drilling operations, pipelines,
refineries and power generation facilities, chemical and petrochemical
plants, steel mills, automotive manufacturers, pulp and paper mills,
food and beverage processing plants, semi-conductor manufacturers and
pharmaceutical manufacturers. The company's customer base also includes
U.S. governmental entities. Furmanite operates more than 70 offices on
six continents.
Forward Looking Statements: Certain of the Company's
statements in this press release are not purely historical, and as such
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These include statements
regarding management's intentions, plans, beliefs, expectations or
projections of the future. Forward-looking statements involve risks and
uncertainties, including without limitation, the various risks inherent
in the Company's business, and other risks and uncertainties detailed
from time to time in the Company's periodic reports filed with the
Securities and Exchange Commission. One or more of these factors have
affected, and could in the future affect the Company's business and
financial results in future periods, and could cause actual results to
differ materially from plans and projections. There can be no assurance
that the forward-looking statements made in this document will prove to
be accurate, and issuance of such forward-looking statements should not
be regarded as a representation by the Company, or any other person,
that the objectives and plans of the Company will be achieved. All
forward-looking statements made in this press release are based on
information presently available to management, and the Company assumes
no obligation to update any forward-looking statements.

Furmanite Corporation
Investor Relations, 972-699-4055
investor@furmanite.com
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