MISTRAS Group announces major leadership transition
02/11/2023
MISTRAS Group Inc, a leading ‘one source’ multinational provider of integrated technology-enabled asset protection solutions, has announced a series of key leadership transitions that promise to guide the company into its next phase of growth and innovation.
Dr Sotirios J Vahaviolos is retiring as Executive Chair after nearly 40 years of exceptional leadership and has been appointed Chair Emeritus while remaining an active member of the Board of Directors. Succeeding him, the Board has appointed Manuel (Manny) N Stamatakis as Chair of the Board.
Dennis M Bertolotti will be departing MISTRAS as its President and Chief Executive Officer (CEO) and the Board has asked Manny to serve as the interim CEO until a successor CEO is found.
James J Forese, the current Chair of the Audit Committee, has been named Lead Director and Chair of the Corporate Governance Committee.
“On behalf of the entire MISTRAS Board of Directors and all the shareholders who have benefited from his hard work, I congratulate Sotirios on his remarkable 40-year career,” said Manny. “We thank him for his vision, his pioneering spirit, his steadfast determination and the enduring legacy he leaves to the company he founded and the industry he helped advance, as well as the countless people he has positively impacted. We are grateful that he has agreed to remain on the Board of Directors, where we will all continue to benefit from his vision, experience and wisdom.”
Sotirios commented: “For over four decades, I have had the honour of leading a remarkably talented team that transformed MISTRAS Group from a small operation in Princeton, New Jersey, into a global leader in the field of non-destructive testing. Thanks to the tireless efforts of Manny as our Lead Director and the advancement of the Project Phoenix initiative, it is an appropriate time for a leadership transition to advance my legacy and build upon our strong foundation. I am especially pleased and grateful that
Manny has agreed to also take on the role of interim CEO until a successor is found. Manny’s many years of service to the MISTRAS Group as a member of every committee and most recently as the architect and primary driver behind Project Phoenix has given him a deeper understanding of our company and our growth opportunities. I, along with the entire Board of Directors, have full confidence in Manny’s leadership and thank him for taking on this role.
“I also want to extend my thanks to Dennis for his 20 years of service, including his years as my first successor as CEO of the company. I want to wish Dennis all the best as he enters the next phase of his journey. As we turn the page on a new chapter, I have full confidence in our leadership and management’s ability to generate shareholder value, which is why collectively, my family, family trust and I continue to remain the largest owner of MISTRAS Group’s outstanding common shares.”
Outgoing President Dennis said: “Having had the privilege to work alongside Sotirios and to lead a talented team at MISTRAS Group for many years, I believe the company is now exceptionally well-positioned for future success. With key leadership roles filled and Project Phoenix well underway, my most important objectives have been met.”
Manny has been a pivotal member of the MISTRAS Group Board since 2002, serving as Chair of the Governance Committee and Lead Director for the past decade. He has also served on the Audit and Compensation Committees. He currently chairs the Project Phoenix Steering Committee, an initiative for which he is both the chief architect and driving force. As a result, Manny possesses significant knowledge of and insight into the organisation, which has given him an understanding of how to leverage these strengths to unlock MISTRAS Group’s inherent value.
He said: “I am honoured to succeed Sotirios as the next Chair of the Board of this great company. I look forward to continuing to work with him and our Board of Directors.
“My immediate priority is to make sure that the focus of our management team is to improve shareholder value with the full implementation of Project Phoenix and to identify and engage the next CEO of the company. The Board of Directors will initiate a search with a leading executive search firm to help the Board find its next CEO.”
James Forese, Director and Chair of the Audit Committee, has been appointed Lead Director and Chair of the Corporate Governance Committee, filling the roles vacated by Mr Stamatakis’s appointments and reinforcing the Board’s governance structure.
James has a long history serving on the MISTRAS Group Board and its Committees. He has vast experience and demonstrated success as an executive, possessing knowledge and experience in business leadership, banking, finance and technology, along with public and private company board experience. James’s experience with audit committees and his tenure as Vice President of Finance and Controller at IBM provides the MISTRAS Group Board with an audit committee financial expert, which further strengthens key functions of the Board and its Committees’ oversight.
