Tetra Tech Selects Dan Batrack to Succeed Li-San Hwang as CEO
PASADENA, Calif.--(BUSINESS WIRE)--Nov. 17, 2005--Tetra Tech, Inc.'s
(NASDAQ:TTEK - News)
Chairman, Li-San Hwang, announced today that he
will retire as Chief Executive Officer (CEO), effective immediately,
and remain Chairman of the Board until the 2006 Annual Meeting of
Stockholders. The Board of Directors has unanimously elected Dan
Batrack, the Company's Executive Vice President and Chief Operating
Officer (COO), to succeed Dr. Hwang as CEO. Mr. Batrack will also
maintain the position of COO and has been elected to the Board of
Directors.
"After a thorough and professional selection process, comparing
both internal and external candidates against our criteria for CEO, I
am pleased to announce the selection of Dan Batrack as the Company's
next CEO," said Dr. Hwang. "Tetra Tech is fortunate to have among its
executives an individual of Dan Batrack's caliber -- someone who has
proven business acumen and a deep knowledge of Tetra Tech's business
and strategy, and who embodies the Company's values. Dan's 25 years at
Tetra Tech and outstanding performance as COO make him an ideal
candidate and logical successor. I am pleased with the management
team's progress and teamwork this past year, and I feel that I can now
retire with the confidence that Tetra Tech will continue to reach new
levels of financial and technical success."
To facilitate a smooth transition, Dr. Hwang will remain Chairman
of the Board until the Annual Meeting of Stockholders on March 6,
2006. Al Smith will continue as the Company's Vice Chairman, Sam Box
will continue as President, David King will continue as Chief
Financial Officer, and the rest of the management team will continue
in their current roles.
Commenting on his appointment and the leadership transition, Mr.
Batrack said, "Li-San has been my life and business mentor throughout
my entire career. My deep respect for the lessons he taught me will
guide my vision for Tetra Tech's future. I look forward to continuing
my work with Sam and the rest of the management team, and I will lead
the short-term focus on margin improvement and long-term focus on
growth. We are on track to complete our exit from higher risk
businesses and contracts before January and have all of the makings
for a solid FY'06."
Dr. Hwang has led a distinguished career of nearly 40 years at
Tetra Tech. After coming to the United States from China, he received
his Ph.D. from the California Institute of Technology, and soon became
one of the world's leading experts in tsunamis and large wave science.
He founded the Water Management Group within Tetra Tech and then led
its buyback from Honeywell in 1988, taking Tetra Tech public in 1991.
Since then, the Company has grown by more than 25 times, and now
employs more than 7,000 people.
About Tetra Tech (www.tetratech.com)
Tetra Tech is a leading provider of consulting, engineering and
technical services. With more than 7,000 associates located in the
United States and internationally, the Company supports commercial and
government clients in the areas of resource management and
infrastructure. Tetra Tech's services include research and
development, applied science and technology, engineering design,
program management, construction management, and operations and
maintenance.
Any statements made in this release that are not based on
historical fact are forward-looking statements. Any forward-looking
statements made in this release represent management's best judgment
as to what may occur in the future. However, Tetra Tech's actual
outcome and results are not guaranteed and are subject to certain
risks, uncertainties and assumptions ("Future Factors"), and may
differ materially from what is expressed. For a description of Future
Factors that could cause actual results to differ materially from such
forward-looking statements, see the discussion under the section "Risk
Factors" included in the Company's Form 10-K and 10-Q filings with the
Securities and Exchange Commission.
CONTACT:
Tetra Tech, Inc.
Mike Bieber, 626-351-4664
SOURCE: Tetra Tech, Inc.
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