CALGARY, Alberta, Sept. 10, 2018 (GLOBE NEWSWIRE) -- DIRTT Environmental Solutions Ltd. ("DIRTT" or the "Company") (TSX: DRT), an interior construction company using technology for client-driven design and manufacturing, announced that founder and executive chair Mogens Smed has left the company, effective immediately.
In January 2018, Smed agreed to cease acting as CEO and to undertake a new role as executive chair as part of the Company's decision to implement a transition plan for senior management. In that role, Smed’s responsibilities narrowed to focus on increased DIRTT partner support, sales, and business development, and to support the management transition plan (among others), all requiring adherence to structure and discipline within the organization.
As part of the transition, previously acting lead director of the board Steve Parry has been appointed as chair of the board. Of the decision to now part ways with Smed, Parry stated, “We acknowledge the enormous contribution Mogens has made since founding DIRTT, and this was a very difficult and carefully considered decision by the board. However, Mogens has not adequately performed the agreed assigned duties, requiring the board to align management resources to begin building a more collaborative, adaptable and responsive team that creates the ability to successfully scale the business.”
In a separate press release issued today, DIRTT appointed Kevin O’Meara as chief executive officer and director of the board, effective September 10, 2018.
“DIRTT has performed an extensive search process to identify a CEO for the past eight months, identifying the largest applicant pool possible and conducting thorough interviews of highly qualified candidates. Today, DIRTT announced the new CEO Kevin O’Meara, who was the clear choice to the board, senior management and Smed,” concluded Parry.
About DIRTT
DIRTT is a building process powered by technology. The name stands for Doing It Right This Time. The company uses its proprietary ICE® Software to design, manufacture and install fully customized interior environments. The technology drives DIRTT’s advanced manufacturing and provides certainty on cost, schedule and the final result. Complete interior spaces are constructed faster, cleaner and more sustainably. DIRTT’s manufacturing facilities are located in Phoenix, Savannah, Kelowna and Calgary. DIRTT works with nearly 100 sales partners throughout North America, the United Kingdom, the Middle East and Asia. DIRTT trades on the Toronto Stock Exchange under the symbol "DRT." For more information visit dirtt.net/investors.
Forward Looking Information
Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. The Company’s success will depend, in part, on its ability to maintain and manage growth effectively. To take advantage of future growth opportunities and manage the growth of the Company’s operations and personnel, DIRTT will need to continue to improve its operational, financial and management controls and reporting systems and procedures. Failure to effectively manage growth could result in difficulty in implementing products or securing customers and Partners; declines in quality or customer satisfaction; increases in costs; and difficulties in introducing new features or other operational difficulties. Any of these difficulties could adversely impact the Company’s business performance and results of operations. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under the Company's continuous disclosure obligations.