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New leadership and structure designed to drive operational efficiencies, reduce costs and promote faster growth
SUGAR LAND, Texas, July 09, 2018 — Team, Inc. (NYSE:TISI) (“Team” or the “Company”) today announced, as part of its OneTEAM business transformation program, a new, integrated organizational structure designed to foster cross-segment collaboration, maximize efficiency and leverage center-led functions to reduce costs. The Company also announced a number of executive leadership appointments.
The new organizational structure will include a Product and Service Line organization and an Operations organization. The Product and Service Lines will be responsible for value positioning and pricing, standardization of best practices, technical training and program development, and technology innovation across Team’s global enterprise. The Operations organization, comprised of cross-segment divisions aligned by major geographic regions, will be responsible for executing product and service delivery in accordance with established Team service line standards, safety and quality protocols. Team’s local district locations will remain focused on the Company’s superior service and product delivery to clients.
Amerino Gatti, Chief Executive Officer of Team, said, “Our new organizational structure will capitalize on Team’s core strengths: our highly trained, global workforce; technical expertise recognized industry-wide; large distributed service delivery network; strong safety and quality record; reputation for innovation; and long-term, blue chip client base. Team’s new structure will enable strategic alignment across the portfolio of our products and services, across regions and between functions by leveraging Team’s scale, enhancing agility, and extracting efficiencies. We are working diligently to implement the necessary changes to our business to align with the newly announced structure.”
The Company also announced the following executive leadership appointments, all of whom will report to Mr. Gatti:
Mr. Gatti, continued, “We are excited to congratulate Jeff and welcome Grant, Sherri, Jim and Mike to Team as we continue executing on our plans to transform the business and accelerate our path to profitability. I am confident that these seasoned and passionate leaders will bring new perspectives and insight to our executive team. With their leadership and the continued contributions of our talented employees, we will build on our strong foundation to drive customer relationships, operational efficiency, and improved financial performance in order to create value for our stakeholders.”
With these leadership appointments in place, Team is moving swiftly to transition its operations, management structure, support functions and technology infrastructure to align with the new organization, which we expect to be fully operational in the fourth quarter of 2018. Upon completion of these organizational and reporting changes, we anticipate our reportable segments will also change. Until then, our reportable segments will continue as Inspection and Heat Treating, Mechanical Services and Quest Integrity.
About Team, Inc.
Headquartered near Houston, Texas, Team, Inc. (NYSE:TISI) is a leading provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services across its 220 branch locations and more than 20 countries throughout the world. For more information, please visit www.teaminc.com.
Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995. We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company’s Annual Report on Form 10-K and in the Company’s Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein, including projected cost savings, will occur or that objectives will be achieved. We assume no obligation to publicly update or revise any forward-looking statements made today or any other forward-looking statements made by the Company, whether as a result of new information, future events or otherwise, except as may be required by law.
Greg L. Boane
Chief Financial Officer
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