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Information technology services industry

Willdan Group, Inc. Announces Changes to Board of Directors and Management

Strategic Insights

— 1 min read

Willdan Group, Inc., a nationwide provider of professional technical and consulting services, has made significant changes to its Board of Directors and management structure. The company announced the appointment of Cynthia Downes to the Board of Directors, effective August 4, 2021, and her subsequent appointment to the Audit Committee and Compensation Committee. With this addition, the Board will expand to nine members, eight of whom will be independent. Additionally, Daniel Chow, the Chief Operating Officer, will transition to an operational advisory role, effective August 13, 2021.

Key Takeaways:

  • Cynthia Downes, a seasoned finance professional with 38 years of experience, has been appointed to the Board of Directors and the Audit Committee and Compensation Committee.
  • Downes has held various leadership positions, including Chief Financial Officer of Constant and Associates, Inc., and Executive Vice President, Chief Financial Officer, and Treasurer at Versar, Inc.
  • Downes has an active CPA license, is a member of the American Institute of Certified Public Accountants, and holds a B.S. from Purdue University and an M.B.A. from Northwestern University.
  • Daniel Chow, the Chief Operating Officer, will transition to an operational advisory role, effective August 13, 2021, and will continue to support strategic opportunities and special projects at Willdan.
  • Chow has a 40-year career in engineering and has led numerous projects in utilities, government agencies, and private industry.
  • The Board of Directors has expanded to nine members, eight of whom will be independent.
  • Downes will receive compensation for her services as a director in accordance with Willdan's standard compensation program for non-management directors, which provides for an annual retainer of $36,000 and certain other fees for service on committees and attendance at Board and committee meetings.

Statistics:

  • 38 years of financial experience for Cynthia Downes
  • 40-year career in engineering for Daniel Chow
  • 8 independent members on the expanded Board of Directors
  • $36,000 annual retainer for non-management directors

Sources:

  • Willdan Group, Inc., press release dated August 5, 2021 (attached as Exhibit 99.1)
  • Business Wire, press release dated August 5, 2021
  • Willdan Group, Inc. website, about section
  • Form 8-K filing with the Securities and Exchange Commission
  • COMTEX, news article dated August 6, 2021

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