Perma-Pipe International Holdings, Inc. Announces Significant Changes to Board of Directors and Welcomes New Member
Perma-Pipe International Holdings, a global leader in pre-insulated piping and leak detection systems, today announced notable changes to its Board of Directors. Effective January 6, 2025, Mr. Ibrahim Jaham Al Kuwari will be appointed to the Board, enhancing its strategic expertise with his extensive experience in the Middle East Gulf region.
This change comes alongside the news that Independent Director Cynthia Boiter has decided to step down, with her resignation effective May 1, 2025. Additionally, Jerome Walker, who currently serves as the Chairman of the Board, has announced that he will not seek re-election during the upcoming 2025 Annual Stockholders Meeting. Both Ms. Boiter and Mr. Walker will gradually transition their Board responsibilities in the coming months.
The Company has expressed its deep gratitude for their dedicated service and the significant contributions they have made to the growth and development of Perma-Pipe over the years.
David Mansfield, President and CEO of Perma-Pipe, commented on the leadership changes, emphasizing the impact both directors have had on the company’s operations. “Ms. Boiter has been an invaluable member of our Board since 2019. Her leadership in the areas of corporate governance and financial management has played a pivotal role in our success. We also deeply appreciate Mr. Walker’s extraordinary contributions since joining the Board in 2014 and his leadership as Chairman since 2022. His strategic guidance has been instrumental in helping Perma-Pipe navigate a period of significant growth and transformation, positioning us as a global leader in our industry,” Mansfield said.
Acknowledging Their Legacy and Strategic Influence
Mansfield continued by acknowledging the valuable insights and strategic direction both outgoing directors provided. “Cynthia’s work in governance and finance has been crucial, and we extend our sincerest thanks for her years of service,” he said. “Jerome’s guidance has helped Perma-Pipe overcome numerous challenges, solidify our market leadership, and achieve outstanding financial results. On behalf of the entire Company, I wish both of them the very best in their future endeavors.
As the Company prepares for the transition, Mansfield also highlighted the importance of maintaining a dynamic and capable Board to continue driving Perma-Pipe’s growth. “At Perma-Pipe, we continually evaluate the composition of our Board to ensure it meets the evolving needs of our business. This includes attracting new perspectives and expertise to strengthen our capabilities,” he stated.
Strengthening the Board with New Expertise
To further reinforce the Board’s leadership and expertise, Perma-Pipe is pleased to announce the appointment of Mr. Ibrahim Jaham Al Kuwari as an Independent Director. His appointment is particularly significant given the expanding opportunities in the Middle East Gulf region, an area of strategic importance to the Company’s growth.
Mr. Al Kuwari brings a wealth of experience in business leadership, engineering, project management, and operations. His career spans several high-profile roles in prominent energy and technology companies. Notably, he served as the CEO of Qatar Solar Technologies from 2018 to 2024, and as CEO of Qatar Fuel from 2014 to 2017. His extensive expertise in managing large-scale projects, strategic business operations, and driving growth in the energy and technology sectors will be invaluable as Perma-Pipe looks to expand its presence and influence in the Middle East and beyond.
Prior to his CEO roles, Mr. Al Kuwari was the Deputy General Manager at Dolphin Energy Ltd., where he contributed to the successful development and management of major energy infrastructure projects. He holds a Bachelor of Science degree in Industrial and Systems Engineering from the University of Southern California, graduating in 1987.
Commenting on Mr. Al Kuwari’s appointment, Mansfield stated, “We are extremely pleased to welcome Mr. Al Kuwari to our Board. His wealth of experience and leadership, particularly in the Middle East Gulf region, will be instrumental as we continue to build upon our global leadership in the pre-insulated piping and leak detection systems sector. The region presents significant opportunities for growth, and Mr. Al Kuwari’s insights will help guide us in leveraging these opportunities.”
About Perma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH), commonly known as Perma-Pipe, is a world leader in providing pre-insulated piping systems and advanced leak detection solutions. The Company serves a diverse range of industries, including oil and gas, district heating and cooling, and several other applications where the safe and efficient transport of liquids is crucial.
With a proven track record of delivering high-quality solutions, Perma-Pipe utilizes its extensive engineering and fabrication expertise to meet the complex needs of its customers. The Company operates at 15 locations across six countries, providing innovative piping systems and services that ensure reliable transportation of liquids while minimizing environmental and operational risks.
Looking to the Future: Navigating Challenges and Seizing Growth Opportunities
As part of its forward-looking strategy, Perma-Pipe is committed to continuing its growth trajectory and responding proactively to the evolving needs of its markets. The company’s leadership in piping technology and leak detection systems, coupled with its diverse global footprint, positions Perma-Pipe to capture new opportunities and tackle emerging challenges.
As the global energy sector adapts to dynamic market conditions, including fluctuations in oil and gas prices, Perma-Pipe remains focused on executing its strategic plan. The Company continues to explore innovative solutions and strengthen its relationships with suppliers, customers, and stakeholders.
Perma-Pipe’s future strategy includes expanding its presence in emerging markets, with particular attention to regions such as the Middle East Gulf. With Mr. Al Kuwari joining the Board, the Company is better positioned to pursue these growth opportunities while maintaining its commitment to high standards of governance and corporate responsibility.
Forward-Looking Statements
This press release contains certain forward-looking statements, which are based on Perma-Pipe’s current expectations regarding future performance, market conditions, and other factors that could impact the Company’s results. Forward-looking statements, which can be identified by terminology such as “anticipates,” “expects,” “plans,” “believes,” and similar expressions, are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements.
Investors are urged to consider the risks associated with the Company’s business, including the volatility of oil and gas prices, changes in demand for the Company’s products, and potential challenges related to government spending, customer liquidity, and competition. Other risks include the Company’s ability to execute its strategic initiatives and achieve profitability, manage international operations, and address any issues related to cybersecurity or public health.
Perma-Pipe’s filings with the U.S. Securities and Exchange Commission (SEC) provide more detailed information on the risks that may impact the Company’s operations and performance. These filings are available on the SEC website at www.sec.gov, and additional information can be found in the Investor Center section of the Company’s website at http://investors.permapipe.com.
The Company undertakes no obligation to update any forward-looking statements in light of new information, future events, or otherwise.
