Michael Baker Corp. chairman Shaw will retire
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Michael Baker Corp. said Wednesday Chairman Richard L. Shaw will retire at the end of the month, the latest personnel change at the Moon engineering concern that is facing an unsolicited takeover offer from a private equity firm.
Mr. Shaw, 85, 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 Mr. Mallory was hired.
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. Former president and CEO Bradley L. Mallory resigned Dec. 13.
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.
Baker spokesman David Higie said Mr. Shaw's retirement is unrelated to the offer from DC Capital.
Baker announced Jan. 7 its independent directors are studying the company's strategic alternatives. They are being advised by investment banker Houlihan Lokey and Jones Day, a law firm.
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 Wednesday at $25, down 6 cents.
First Published January 17, 2013 12:38 am