Stabilis Solutions Announces Management Transition

Rhea-AI Summary

Stabilis Solutions (NASDAQ: SLNG) announced the departure of President and CEO Westervelt T. 'Westy' Ballard, Jr., effective January 31, 2025. Executive Chairman and majority shareholder J. Casey Crenshaw has been appointed as interim President and CEO, and will lead the search for a permanent CEO replacement.

Ballard will continue serving in a consulting capacity through the end of 2025 to ensure a smooth transition. The change comes as Stabilis, a leader in the small-scale LNG market, prepares for its next phase of strategic growth. The company remains focused on delivering last-mile LNG production, storage, transportation, and fueling solutions across established and emerging markets.

Crenshaw, who co-founded Stabilis in 2013 with his wife Stacey, currently serves as President & CEO of The Modern Group, a privately-held conglomerate of diversified businesses headquartered in Beaumont, Texas.

Positive

• Executive Chairman and majority shareholder stepping in as interim CEO ensures leadership continuity
• Former CEO remains as consultant through 2025, enabling smooth transition
• Company maintains strong position in growing small-scale LNG market

Negative

• Unexpected CEO departure could create temporary leadership uncertainty
• Interim CEO already serves as CEO of another company, potentially splitting focus

HOUSTON, TX / ACCESS Newswire / February 3, 2025 / Stabilis Solutions, Inc. ("Stabilis" or the "Company") (Nasdaq:SLNG), today announced the departure of President and CEO Westervelt T. "Westy" Ballard, Jr., effective January 31, 2025. This decision reflects a mutual understanding between both the Board of Directors and Mr. Ballard as Stabilis embarks on its next phase of strategic growth. Mr. Ballard will serve in a consulting capacity through the end of 2025 to ensure a smooth transition.

J. Casey Crenshaw, Executive Chairman and a majority shareholder of Stabilis, has been named interim President and CEO. Mr. Crenshaw will assume day-to-day leadership responsibilities and will lead the Board of Directors' search for the Company's next Chief Executive Officer.

"During his tenure, Westy optimized the Company's business and strengthened the foundation for profitable growth, one that further positions Stabilis for long-term value creation," stated Mr. Crenshaw. "We are grateful for his leadership and wish him great success in his future endeavors."

Mr. Crenshaw continued "Stabilis has a leading position in the growing small-scale LNG market, and I am excited to lead the Company through this next phase as we accelerate our growth."

Mr. Crenshaw currently serves as President & CEO of The Modern Group, Ltd., a privately-held conglomerate of diversified manufacturing, parts and distribution, rental, leasing and finance businesses headquartered in Beaumont, Texas. Mr. Crenshaw, together with his wife, Stacey Crenshaw, co-founded Stabilis in 2013.

Stabilis' Board of Directors remains committed to prioritizing growth and advancing the Company's existing value creation strategy. Stabilis will continue to deliver last-mile LNG production, storage, transportation and fueling solutions across both established and emerging growth markets, consistent with the Company's ongoing commitment to its established network of valued customers, partners, and stakeholders.

About Stabilis Solutions

Stabilis Solutions, Inc. is a leading provider of clean fueling, production, storage, and last mile delivery solutions for many of the world's most recognized, high-performance brands. To learn more, visit www.stabilis-solutions.com.

Investor Contact:

Andrew Puhala
Chief Financial Officer
832-456-6502
ir@stabilis-solutions.com

Contact Information

Andy Puhala
IR
andy.puhala@stabilis-solutions.com
8324566502

SOURCE: Stabilis Solutions

View the original press release on ACCESS Newswire

FAQ

Why did Stabilis Solutions (SLNG) CEO Westy Ballard leave the company?

The departure was based on a mutual understanding between the Board of Directors and Mr. Ballard as Stabilis embarks on its next phase of strategic growth.

Who is the interim CEO of Stabilis Solutions (SLNG) after Westy Ballard's departure?

J. Casey Crenshaw, the Executive Chairman and majority shareholder, has been appointed as interim President and CEO.

What is Stabilis Solutions' (SLNG) transition plan following the CEO change?

Former CEO Westy Ballard will serve as a consultant through 2025, while interim CEO Casey Crenshaw leads the search for a permanent CEO replacement.

How will the CEO transition affect Stabilis Solutions' (SLNG) business strategy?

The company remains committed to its existing value creation strategy and will continue focusing on last-mile LNG production, storage, transportation, and fueling solutions.

When did the new interim CEO co-found Stabilis Solutions (SLNG)?

J. Casey Crenshaw co-founded Stabilis with his wife Stacey in 2013.