PAE Incorporated (“PAE” or the “Company”) (NASDAQ: PAE, PAEWW)
today announced that Charles Peiffer, Executive Vice President and
Chief Financial Officer, has been appointed by the Board of
Directors to serve in the additional role of Interim President and
Chief Executive Officer, effective March 19, 2021. Mr. Peiffer’s
appointment follows John Heller’s decision to resign from his
position of President and Chief Executive Officer for personal
reasons.
The Company noted that the Board will initiate a
formal search process to identify a permanent CEO. The Board will
engage an executive search firm and will consider both internal and
external candidates.
“Charlie has been a valuable member of the PAE
team since he joined in 2014, and we are fortunate to have a leader
of his caliber and experience to step into the President and CEO
role on an interim basis while the Board conducts its search
process,” said Marshall Heinberg, Chairman of the Board of
Directors. “Charlie has a deep understanding of our business,
operations and strategy, and a true appreciation for the hard work
and dedication of our employees. We are confident Charlie is the
ideal person to support the Company through this interim period,
and we appreciate his willingness to take on this expanded
role.”
“I look forward to working alongside the Board
and leading our talented and experienced management team,” said Mr.
Peiffer. “PAE has strong momentum entering 2021 with recent
flagship contract wins and continued progress integrating the
acquisitions we announced in Fall 2020. We will continue to execute
our strategy as we expand the business with a focus on high-margin
contracts and enhance our capabilities, customer presence and
contract vehicles. We are confident that PAE will continue on its
path of growth and success.”
Mr. Heinberg said, “On behalf of everyone at
PAE, I want to thank John for his contributions and for helping to
guide PAE to this point. During his tenure, PAE has grown into a
leader in delivering mission-critical services to the U.S.
Government and international partners, with a global workforce of
nearly 20,000 employees dedicated to providing the essential
services our clients need to tackle some of the world’s toughest
challenges. John’s efforts culminated in PAE becoming a publicly
traded company last year, and we wish him well in his future
endeavors.”
Mr. Heller said, “I am proud of all that we have
accomplished together at PAE. I have profound respect for the team
and every confidence that the Company will continue to grow and
deliver great service in the future.”
PAE reiterated its fiscal year 2021 guidance for
revenue of $3,050 million to $3,150 million, adjusted EBITDA of
$205 million to $215 million, and cash flow provided by operations
of at least $120 million.
About Charles Peiffer
Mr. Peiffer has served as the Executive Vice
President and Chief Financial Officer of PAE since 2014. Prior to
being named to this position, Mr. Peiffer served as the Senior Vice
President and CFO at IAP Worldwide Services Inc. from 2009 to 2014,
a leading provider of facility management, contingency support,
power solutions and technical services. Prior to his position at
IAP, Mr. Peiffer served as Vice President of Finance and CFO from
2003 to 2009 at Fluid Technologies, an operating segment of ITT,
Inc., a specialty component producer for the aerospace,
transportation, energy and industrial markets. In addition, Mr.
Peiffer has held financial leadership roles at Avaya
Communications, Lucent Technologies, AlliedSignal, Lockheed Martin,
Martin Marietta and General Electric. Mr. Peiffer earned his
Master’s degree in Banking and Finance from Saint Joseph’s
University and his Bachelor’s degree in Business and Accounting
from Philadelphia University.
Forward-Looking Statements
This press release contains a number of
“forward-looking statements” as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
relate to management’s assumptions, expectations, projections,
intentions and/or beliefs about future events or occurrences, and
include, but are not limited to, statements about PAE’s leadership
transition, PAE’s possible or assumed future results of operations
and cash flows, financial results, business strategies, debt
levels, competitive position, industry environment, potential
growth opportunities, potential impact of COVID-19, effects of
regulation, backlog, estimation of resources for contracts, risks
related to IDIQ contracts, risks related to integration of
acquisitions, strategy for and management of growth, needs for
additional capital, risks related to U.S. government contracting
generally, including congressional approval of appropriations, and
bid protests. These forward-looking statements are based on PAE’s
management’s current expectations, estimates, projections and
beliefs, as well as a number of assumptions concerning future
events. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose” and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements.
About PAE
For over 65 years, PAE has tackled the world’s
toughest challenges to deliver agile and steadfast solutions to the
U.S. government and its allies. With a global workforce of
approximately 20,000 on all seven continents and in approximately
60 countries, PAE delivers a broad range of operational support
services to meet the critical needs of our clients. Our
headquarters is in Falls Church, Virginia. Find us online
at pae.com,
on Facebook, Twitter and LinkedIn.
For investor inquiries regarding PAE:
Mark ZindlerVice President Investor
RelationsPAE703-717-6017mark.zindler@pae.com
For media inquiries regarding PAE:
Terrence NowlinSenior Communications
ManagerPAE703-656-7423terrence.nowlin@pae.com
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