Michael Baker Corporation said today that Chairman Richard L. Shaw will retire at the end of the month, the latest personnel change at the Moon engineering firm that is facing an unsolicited takeover offer from a private equity firm.
Mr. Shaw has been chairman since 1991. He has been a director since 1966 after joining Baker in 1952 as an assistant personnel director. He retired as CEO in 1992. However, following the departure of three other CEOs between 2003 and 2006, he was given the job again before retiring in 2008, when Bradley L. Mallory was hired. Mallory resigned Dec. 13.
The announcement comes a day after Baker delegated new duties to chief operating officer G. John Kurgan and named a team of three executives to oversee day-to-day operations of the company.
A week after Mr. Mallory's departure, DC Capital Partners disclosed it had made a $24.25 per share cash offer for Baker. The Alexandria, Va., private equity firm disclosed in July that it owned a 5.2 percent stake in Baker.
Mr. Shaw will be replaced by Columbia University business professor Robert N. Bontempo, who has been a director since 1997.
The announcement was made after the market closed. Baker shares closed today at $25, down 6 cents.mobilehome - breaking - businessnews
Len Boselovic: firstname.lastname@example.org or 412-263-1941.