Powell Industries, Inc. Announces Resignation of Perry L. Elders to Its Board of Directors
May 13, 2022 at 04:20 pm EDT
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On May 10, 2022, Perry L. Elders resigned from the board of directors of Powell Industries, Inc. and all committees thereof, effective from May 10, 2022. At the time of his resignation, Mr. Elders served as the chair of the Audit Committee of the Board. The Company believes that Mr. Elders resigned due to a lack of alignment with the Company regarding the allocation of capital, Board succession planning and Board deliberation and assessment of future opportunities, risks and impact of proposed regulatory changes.
Powell Industries, Inc. develops, designs, manufactures and services custom-engineered equipment and systems. The Company distributes, controls and monitors the flow of electrical energy and provides protection to motors, transformers and other electrically powered equipment. Its principal products include integrated power control room substations (PCRs), custom-engineered modules, electrical houses (E-Houses), traditional and arc-resistant distribution switchgear and control gear, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches and bus duct systems. Its products are designed for application voltages ranging from approximately 480 volts to 38,000 volts and are used in oil and gas refining, onshore and offshore oil and gas production, petrochemical, liquefied natural gas (LNG) terminals, pipeline, terminal, mining and metals, light rail traction power, electric utility, pulp and paper and other industrial markets.
POWELL INDUSTRIES, INC. 
