Somero announced that John Yuncza has been appointed President with immediate effect. Mr. Yuncza, who held the position of Chief Financial Officer, becomes President assuming those responsibilities from Jack Cooney who has served as President and Chief Executive Officer since 1997. Mr. Cooney will continue to serve as Chief Executive Officer and as an executive Director on the Company's Board, assuring an effective and seamless transition of leadership to Mr. Yuncza.

In his role as President, Mr. Yuncza will be responsible for the execution of the Company's strategy and the daily operations of the business. Mr. Cooney in his role as CEO will guide the long-term vision and strategy of the business with particular focus on new product development initiatives. The Board is also pleased to announce that Anne Ellis has been appointed to the Board as Non-Executive Director with immediate effect.

After an extensive search process that spanned the majority of 2021, the Board is excited to have found such an accomplished, experienced professional with tremendous construction engineering experience and focus on innovation to add to the Board.