HOUSTON, March 25, 2024 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) ("Orion" or the "Company"), a leading specialty construction company, announced today that Richard L. Daerr, Jr., who has served as an independent member of the Company's Board of Directors (the "Board") since 2007 and was Chairman of the Board from 2007 to 2020 as well as Lead Independent Director from 2022 to 2023, informed the Company that he has chosen not to stand for re-election and instead retire from the Board effective at the Company's upcoming Annual General Meeting of Stockholders on May 16, 2024. Effective upon Mr. Daerr's retirement, the Board has determined to reduce its size from eight directors to seven directors, six of whom are independent.
Austin Shanfelter, Orion's Chairman of the Board, commented, "We want to thank Richard for his years of service to the Company and his many valuable contributions, including his board leadership in the transition of Orion to a public company, establishing the standards for governance, the growth of the Company, and agreeing to serve as our Lead Independent Director through our recent executive transition. We wish him all the best in his future endeavors."
Mr. Daerr stated, "It has been my distinct honor to serve on this Board for almost seventeen years and lead the Board for almost all of that time. I am proud of the tremendous transformation the Company has achieved over this time, and I leave with great confidence in Orion's future and the strength of its Board."
