The Washington Companies Announces Executive Leadership Succession

President and CEO Larry Simkins to Retire After Distinguished 21 Year Career

Mark Lamarre, CEO of Seaspan Shipyards, to Assume Role of President and CEO of the Washington Companies

MISSOULA, Mont.--(BUSINESS WIRE)-- The Washington Companies (“the Company”) today announced that Larry Simkins will retire as President, Chief Executive Officer and member of the Board of Directors after a distinguished 21-year career as CEO of the Company. The Washington Companies’ Board has appointed Mark Lamarre, CEO of Seaspan Shipyards, to assume the role of President and CEO, and Mr. Lamarre will join The Washington Companies’ Board. Mr. Simkins and Mr. Lamarre have worked closely on an orderly and seamless transition plan since 2021. Mr. Simkins will remain on the Board of Directors of Atlas Corporation (NYSE: ATCO).

Dennis R. Washington, Founder and Chairman of The Washington Companies, said: “As Larry prepares to retire after more than two decades with The Washington Companies, I want to personally thank him for his dedication, leadership and friendship over the years. He has been critical to the success of The Washington Companies throughout his tenure as he worked to successfully diversify our businesses, expand our footprint and develop strong leadership teams that will oversee the success of these companies for multiple generations into the future. I am grateful for his partnership and, on behalf of the entire Board, wish him well in the future.”

Mr. Lamarre’s appointment follows a thorough succession planning process by the Company’s Board in collaboration with Mr. Simkins as well as the Board of Seaspan Shipyards, which has announced its own leadership transition concurrent with this announcement.

Mr. Washington continued: “I am pleased to welcome Mark Lamarre, a proven leader with an impeccable track record, as the new President and CEO of The Washington Companies. Since joining Seaspan in 2018, Mark has been instrumental in building on the Company’s dominant position in the shipbuilding and ship repair industry and has also come to know the operations, people and culture of our other companies extremely well. We are fortunate to have such a deep bench of talent to pull from to oversee the continued success of our companies for the benefit of our employees, customers and communities.”

To support the succession planning process, The Washington Companies also announced today additional senior leadership changes, including:

• John McCarthy, currently Seaspan’s Chief Program Officer, will assume the CEO role at Seaspan Shipyards, replacing Mr. Lamarre.
• Jerry Lemon, now Chief Financial Officer of The Washington Companies, will assume the role of President of Washington Investments.
• Jeff Schwarz, currently President of Modern Machinery, will oversee the construction entities, Modern Machinery and Envirocon, for The Washington Companies.
• Matt Rose, retired CEO of BNSF and current Washington Companies’ Board member, will assume the role of President of the Dennis and Phyllis Washington Foundation.

Mr. Simkins commented: “It has been a tremendous honor to serve as President and CEO of The Washington Companies, as well as to have served on the Boards of our portfolio companies for over two decades. I am proud of the work we have done to position the Companies with Mr. Washington’s vision of long-term success for multiple generations. I am fortunate to pass the reins over to a seasoned leader from within the organization. Mark has been instrumental in building Seaspan into the market leader it is today. The world-class team that includes Jerry Lemon, Jeff Schwarz, Joe Racicot, Frank Butzelaar, and Haley Nelson, will begin to write their remarkable chapter of the Washington family legacy as they begin a new and exciting era for The Washington Companies.”

Mr. Lamarre said: “It is a privilege to be The Washington Companies’ next President and CEO. Larry laid the groundwork for such a strong organization with incredible talent and unmatched offerings, and I am excited to build on the momentum he created. I want to thank Mr. Washington and the Board for their vote of confidence and look forward to working in partnership with the team over the coming months as we continue executing on our long-term strategy.”

Mark Lamarre Biography

Mark joined Seaspan Shipyards as Chief Executive Officer in July 2018, bringing over three decades of experience in complex planning, operations management and restructuring experience. Before his appointment, Mark served as Chief Executive Officer at Australian Shipbuilding Company (ASC), where he led the division of the company engaged in the engineering, construction, activation and post-delivery support of Naval surface combatants to the Australian Navy. Before that, he spent 24 years at Bath Iron Works, the $1.2 billion shipbuilding business unit of General Dynamics Corporation, in increasingly senior roles.

About The Washington Companies

The Washington Companies are a group of privately held companies headquartered throughout the United States and western Canada and conducting business internationally. Holdings include Montana Resources, Montana Rail Link, Seaspan Marine and Shipyards and Southern Railway. The construction entities include Modern Machinery and Envirocon. The combined group generates revenues above $1.6 billion (USD). Our customer focus on reliably delivering commodities, ships, transportation, service, equipment, and technology, as the safe, low-cost operator earns us the reputation as a desired counterparty.

With over a half-century of experience in our focus industries, The Washington Companies have established a reputation for fulfilling their founding principles of integrity, performance, passion and vision. As part of giving back within our local communities, the Dennis and Phyllis Washington Foundation gives a boost to local charities in the communities where our employees live and work as well as support for prestigious national programs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220920005986/en/

FGS Global

Jared Levy / Danya Al-Qattan

WashingtonCo-SVC@sardverb.com

Source: The Washington Companies