Energy Recovery Inc. (NASDAQ:ERII), the leader in pressure energy technology for industrial fluid flows, today announced that it has appointed Mr. Chris M. Gannon as Chief Financial Officer, effective June 8, 2015.
Mr. Gannon most recently served as managing director at Conway MacKenzie, a firm focused on providing strategic financial consulting, corporate restructuring, turnaround consulting and performance improvement services to performing and under-performing domestic and international companies. He served in interim management capacities for the firm’s clientele, such as CRO, CFO, Treasurer, and other strategic finance functions. Mr. Gannon’s responsibilities included strategic planning, financial planning and analysis, financial reporting, KPIs, cash management, performance improvement, deal structuring, and negotiation.
Mr. Gannon’s most recent assignment at Conway MacKenzie was as a lead restructuring advisor to the City of Detroit throughout its landmark $18 billion Chapter 9 bankruptcy. He played an instrumental role in crafting the City’s $1.7 billion Restructuring and Reinvestment Plan, the cornerstone of the City’s Plan of Adjustment. Post-bankruptcy, he has been a key architect of the restructuring of the City’s finance operations.
Mr. Joel Gay, President and Chief Executive Officer of Energy Recovery, stated, “We believe Chris’ substantial experience in leading a wide variety of organizations through rapid change and deep experience in finance and multiple corporate disciplines, including strategy, operations, and corporate development, make him the ideal addition to the Energy Recovery leadership team. In addition to a strong sense of fiscal discipline, Chris has a lengthy track record of positioning companies throughout multiple industries for sustainable growth. We are fortunate to have a proven executive of Chris’ caliber join the Energy Recovery team, and I am confident he will be a valuable contributor to the Company’s continued efforts in strategic market expansion and product commercialization.”
Mr. Gannon stated, “I am excited to be joining Energy Recovery, a company known for its innovation and recognized technologies, at this time in the Company’s history. Joel has made a number of significant changes to the strategy and operating structure since the beginning of 2015, and I am eager to begin working with him and the other members of senior management on propelling Energy Recovery’s growth forward in the months and years to come.”
Prior to joining Conway MacKenzie, Mr. Gannon was a principal at Talon Group, a private equity firm focused on control investments in performing and distressed businesses. Previously, he functioned as a finance operating partner to private equity funds through Caledonia Group. He began his career in investment banking with a focus on mergers and acquisitions and capital market transactions.
Mr. Gannon holds a bachelor’s degree in Industrial and Operating Engineering from the University of Michigan and an MBA from the University of Chicago’s Booth School of Business. (Original Source)
Shares of Energy Recovery closed yesterday at $3.01. 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 $3.08 and its 200-day moving average is $3.82.
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 16.3% 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 #3022 out of 3602 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.