MISTRAS Group, Inc. (NYSE: MG), a leading "one source"
multinational provider of integrated technology-enabled asset
protection solutions, today announced a series of key leadership
transitions that promise to guide the company into its next phase
of growth and innovation.
Dr. Sotirios J. Vahaviolos is retiring as Executive Chairman
after nearly 40 years of exceptional leadership and has been
appointed Chairman Emeritus while remaining an active member of the
Board of Directors. Succeeding him, the Board has appointed Mr.
Manuel (Manny) N. Stamatakis as Chairman of the Board.
Mr. Dennis M. Bertolotti will be departing MISTRAS as its CEO,
and the Board has asked Mr. Stamatakis to serve as the Interim CEO
until a successor CEO is found.
Mr. James J. Forese, the current Chairman of the Audit
Committee, has been named Lead Director and Chairman of the
Corporate Governance Committee.
Board of Directors Commends Dr. Sotirios J. Vahaviolos
for Distinguished Service
“On behalf of the entire MISTRAS Board of Directors and all the
shareholders who have benefited from his hard work, I congratulate
Sotirios on his remarkable 40-year career,” said Mr. Stamatakis.
“We thank him for his vision, his pioneering spirit, his steadfast
determination, and the enduring legacy he leaves to the company he
founded, the industry he helped advance, as well as the countless
people he has positively impacted. We are grateful that he has
agreed to remain on the Board of Directors, where we will all
continue to benefit from his vision, experience, and wisdom.”
Dr. Sotirios J. Vahaviolos Acknowledges a Milestone
“For over four decades, I've had the honor of leading a
remarkably talented team that transformed MISTRAS Group from a
small operation in Princeton, New Jersey, to a global leader in the
field of nondestructive testing. Thanks to the tireless efforts of
Manny as our Lead Director and the advancement of the Project
Phoenix initiative, it is an appropriate time for a leadership
transition to advance my legacy and build upon our strong
foundation. I'm especially pleased and grateful that Manny has
agreed to also take on the role of interim CEO until a successor is
found. Manny’s many years of service to the MISTRAS Group as a
member of every Committee and most recently as the architect and
primary driver behind Project Phoenix has given him a deeper
understanding of our Company and our growth opportunities. I, along
with the entire Board of Directors, have full confidence in Manny’s
leadership and thank him for taking on this role.
I also want to extend my thanks to Dennis for his 20 years of
service, including his years as my first successor as CEO of the
Company. I want to wish Dennis all the best as he enters the next
phase of his journey.
As we turn the page on a new chapter, I have full confidence in
our leadership and management's ability to generate shareholder
value, which is why collectively, my family, family trust, and I
continue to remain the largest owner of MISTRAS Group's outstanding
common shares,” said Dr. Vahaviolos.
Statement from Outgoing President and CEO Mr. Dennis M.
“Having had the privilege to work alongside Sotirios and to lead
a talented team at MISTRAS Group for many years, I believe the
Company is now exceptionally well-positioned for future success.
With key leadership roles filled and Project Phoenix well underway,
my most important objectives have been met,” said Mr.
Mr. Manuel “Manny” N. Stamatakis Provides Strategic
“I am honored to succeed Sotirios as the next Chairman of the
Board of this great Company. I look forward to continuing to work
with him and our Board Directors.
My immediate priority is to make sure that the focus of our
management team is to improve shareholder value with the full
implementation of Project Phoenix and to identify and engage the
next CEO of the Company. The Board of Directors will initiate a
search with a leading executive search firm to help the Board find
its next CEO.
We will also be expanding the duties and responsibilities of our
Chief Financial Officer, Ed Prajzner, as well as promoting an
experienced MISTRAS manager, John Smith, to head our largest
division, Services, while adding an experienced business
development professional, Gennaro (Jerry) D’Alterio as Executive
Vice President and Chief Commercial Officer.
I am very excited about the new changes, and I look forward to
working with them,” said Mr. Stamatakis.
Mr. Manuel “Manny” N. Stamatakis’ Background: A Tenure
of Strategy and Governance
Mr. Stamatakis has been a pivotal member of the MISTRAS Group
Board since 2002, serving as Chair of the Governance Committee and
Lead Director for the past decade. He has also served on the Audit
and Compensation Committees. Mr. Stamatakis currently chairs the
Project Phoenix Steering Committee, an initiative where he is both
the chief architect and driving force. As a result, Mr. Stamatakis
possesses significant knowledge of and insight into the
organization, which has given him an understanding of how to
leverage these strengths to unlock MISTRAS Group’s inherent
An accomplished entrepreneur for over 30 years, Mr. Stamatakis
is an executive officer of Capital Management Enterprises, Inc., a
financial services and employee benefits consulting firm based in
Mr. Stamatakis has held multiple board and chairmanship
positions over the years, including Chairman of the Delaware River
Port Authority, The Drexel College of Medicine, the Pennsylvania
Supreme Court Investment Advisory Board, and the Philadelphia
Shipyard Development Corporation which was the catalyst to bringing
shipbuilding back to the Philadelphia region. He earned a B.S. in
Industrial Engineering from Pennsylvania State University and
received an honorary Doctor of Business Administration from Drexel
Mr. James J. Forese’s New Governance Role
Mr. Forese, Director and Chair of the Audit Committee, has been
appointed Lead Director and Chair of the Corporate Governance
Committee, filling the roles vacated by Mr. Stamatakis’
appointments and reinforcing the Board’s governance structure. Mr.
Forese has a long history serving on the MISTRAS Group Board and
its Committees. Mr. Forese has vast experience and demonstrated
success as an executive, possessing knowledge and experience in
business leadership, banking, finance, and technology, along with
public and private company board experience. Mr. Forese’s
experience with audit committees and his tenure as Vice President
of Finance and Controller at IBM provides the MISTRAS Group Board
with an audit committee financial expert, which further strengthens
key functions of the Board and its Committees’ oversight.
Key New Executive Management Appointments
Mr. Edward J. Prajzner was appointed Senior Executive Vice
President and Chief Financial Officer in March 2023 and joined
MISTRAS Group in January 2018. He leads all of MISTRAS’
financial and IT areas and Investor Relations. In addition, he also
oversees all commercial functions initiated under Project Phoenix.
Before joining MISTRAS Group, Mr. Prajzner was Executive Vice
President of Corporate Development, as well as Chief Financial
Officer and Secretary of CECO Environmental Corp, a publicly traded
global diversified and energy technology company. He began his
career with Ernst & Young and held senior financial positions
with several large public companies.
Mr. John A. Smith was appointed Executive Vice President and
President of Services, effective October 1, 2023. Since 2017, Mr.
Smith has served as Senior Vice President of Operations, managing
the strategic plan and financial performance for operations
primarily in the East and Midwest regions. He played a crucial part
in broadening MISTRAS Group’s footprint in the aerospace and
defense sectors, notably through the successful acquisition and
integration of aerospace inspection provider West Penn Testing
Group. Additionally, the MISTRAS aerospace hubs in Heath, Ohio, and
Ellabell, Georgia, saw significant growth in service lines under
Gennaro (Jerry) D’Alterio was appointed Executive Vice President
and Chief Commercial Officer in September 2023. This strategic hire
supports MISTRAS' ongoing commitment to commercial transformation
and builds on the foundational work of Project Phoenix. Mr.
D'Alterio has over 20 years of proven executive leadership, driving
commercial transformations. He will focus on accelerating
profitability, defining go-to-market strategies, and implementing
best-in-class commercial operating models to enhance growth across
Special Conference Call
In connection with this release, MISTRAS will hold a special
conference call on October 10, 2023, at 10:30 am Eastern Time. To
listen to the live webcast of the conference call, visit the
Investor Relations section of MISTRAS Group’s website at
About MISTRAS Group, Inc. - One Source for
Asset Protection Solutions®
MISTRAS Group, Inc. (NYSE: MG) is a leading “one source”
multinational provider of integrated technology-enabled asset
protection solutions, helping to maximize the safety and
operational uptime for civilization’s most critical industrial and
Backed by an innovative, data-driven asset protection portfolio,
proprietary technologies, strong commitment to Environmental,
Social, and Governance (ESG) initiatives, and a decades-long legacy
of industry leadership, MISTRAS Group leads clients in the oil and
gas, aerospace and defense, renewable and nonrenewable power, civil
infrastructure, and manufacturing industries towards achieving
operational and environmental excellence. By supporting these
organizations that help fuel our vehicles and power our society,
inspecting components that are trusted for commercial, defense, and
space craft; building real-time monitoring equipment to enable safe
travel across bridges; and helping to propel sustainability,
MISTRAS Group helps the world at large.
MISTRAS Group enhances value for its clients by integrating
asset protection throughout supply chains and centralizing
integrity data through a suite of Industrial IoT-connected digital
software and monitoring solutions. The company’s core capabilities
also include nondestructive testing field and in-line inspections
enhanced by advanced robotics, laboratory quality control and
assurance testing, sensing technologies and NDT equipment, asset
and mechanical integrity engineering services, and light mechanical
maintenance and access services.
For more information about how MISTRAS Group helps protect
civilization’s critical infrastructure and the environment,
Forward-Looking and Cautionary Statements
Certain statements made in this press release are
"forward-looking statements" about MISTRAS Group's financial
results and estimates, products and services, business model,
strategy, growth opportunities, profitability and competitive
position, and other matters. These forward-looking statements
generally use words such as "future," "possible," "potential,"
"targeted," "anticipate," "believe," "estimate," "expect,"
"intend," "plan," "predict," "project," "will," "may," "should,"
"could," "would" and other similar words and phrases. Such
statements are not guarantees of future performance or results, and
will not necessarily be accurate indications of the times at, or by
which, such performance or results will be achieved, if at all.
These statements are subject to risks and uncertainties that could
cause actual performance or results to differ materially from those
expressed in these statements. A list, description and discussion
of these and other risks and uncertainties can be found in the
"Risk Factors" section of the Company's 2022 Annual Report on Form
10-K dated March 15, 2023, as updated by our reports on Form 10-Q
and Form 8-K. The forward-looking statements are made as of the
date hereof, and MISTRAS Group undertakes no obligation to update
such statements as a result of new information, future events or
Nestor S. MakarigakisMISTRAS Group, Inc.Group Vice
President, Marketing and
Communicationsmarcom@mistrasgroup.com+1 (609) 716-4000
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