Energy Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced that it has appointed Mr. Eric O. Siebert as Vice President of Corporate Strategy, effective June 8, 2015.
Mr. Siebert most recently served as General Manager of Coating Services for Aegion(NASDAQ:AEGN), a leading pipeline corrosion protection company that operates within global oil & gas markets. After Mr. Siebert helped establish Aegion’s Eastern Hemisphere headquarters inDubai, he focused on developing and managing operations in key international markets, includingEurope, Middle East, Asia, Africa & the Caspian Region. Mr. Siebert had full P&L responsibility for the coating services business, including strategic and financial planning, capital investment, market development and execution. Prior to his operational role, Mr. Siebert was an integral part of the Strategy & Development team that led Aegion’s diversification into pipeline corrosion protection within the oil & gas sector.
Mr. Joel Gay, President and Chief Executive Officer of Energy Recovery, stated, “I had the opportunity to work with Eric during my time at Aegion and am pleased to have the chance to do so again as we welcome him to Energy Recovery. I believe his experience developing and managing operations within various geographic oil & gas markets, as well as his substantial background in finance and corporate development, will benefit our ongoing market expansion efforts. Since the beginning of the year, I devised and implemented a number of changes to our strategy and framework, which I believe have set the Company on a solid foundation to be able to successfully execute on its strategic initiatives. This includes adding key members of leadership who can meaningfully contribute to our progress on these goals. With our recently appointed Chief Financial Officer Chris Gannon and Eric both joining the Energy Recovery team, I am increasingly confident that this leadership team can move the Company forward on its objectives.”
Mr. Siebert stated, “I am excited to be joining Energy Recovery at a time when its proven strength in innovation has opened a number of opportunities for the Company. I look forward to supporting Joel, Chris and the other members of the senior management team, as we set out to realize the vision that has been established for the next phase of the Company’s evolution.”
Prior to joining Aegion, Mr. Siebert held management positions in the Financial Services industry with companies like Ernst & Young and Merrill Lynch. He began his career in investment banking and middle market financing in London with a focus on capital market transactions.
Mr. Siebert holds a bachelor’s degree in Business Administration from Illinois Wesleyan Universityand an MBA from the University of Chicago’s Booth School of Business. (Original Source)
Shares of Energy Recovery closed yesterday at $2.84 . ERII has a 1-year high of $6.18 and a 1-year low of $2.49. The stock’s 50-day moving average is $3.12 and its 200-day moving average is $3.76.
On the ratings front, Ardour analyst Jinming Liu downgraded ERII to Hold, with a price target of $3.50, in a report issued on March 11. The current price target represents a potential upside of 23.2% from where the stock is currently trading.
According to TipRanks.com, Liu has a total average return of -3.8%, a 53.8% success rate, and is ranked #3023 out of 3607 analysts.
Energy Recovery Inc is engaged in designing, developing, and manufacturing of energy recovery devices that transform untapped energy into reusable energy from industrial fluid flows and pressure cycles.