CUI Global Inc (NASDAQ: CUI) announced Thursday that Jim O'Neil, a veteran executive of the power industry and former CEO of Quanta Services Inc, has joined its board of directors as vice chairman and lead independent director.
The Oregon-based energy and technology-services company also said its board will increase to six from five members.
During his 17-year tenure with Quanta, nearly five of which as CEO, O'Neil grew Quanta into a Fortune 500 enterprise with more than $7 billion in annual revenue at its peak through both organic growth and numerous strategic acquisitions. Quanta is a provider of engineering, procurement and construction services for electric power infrastructure, oil and gas infrastructure and telecommunications industries.
"By joining the board today, Jim is demonstrating his commitment to our shared vision to create a marketplace entrant that can effectively compete in the energy infrastructure services market," said CUI CEO William Clough.
CUI also said in a statement that it has backed off plans to acquire four privately held US companies that provide services to the oil & gas, wireless telecommunications and utility industries.
Instead, the company will acquire only two of the companies as CUI seeks to growth within the electric infrastructure and telecom industries.
When CUI announced the plans in May to acquire the four companies and combine them with its subsidiaries to create a whole new company, O’Neil was chosen to be the CEO on the new company.
“With its first acquisitions on the horizon, the coming months will be an important time for CUI Global,” O’Neil said. “I look forward to collaborating with the board and management team to realize the full potential of CUI Global as the public company platform from which to embark on an aggressive acquisition strategy that leverages the traction that CUI Global's Orbital North America energy segment has gained with oil and gas customers in the Permian Basin to implement my vision and leverage my experience in aggregating and growing energy infrastructure services companies.”
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