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SPRING, Texas - Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) announced Thursday that David Mansfield has stepped down as Chief Executive Officer, effective June 7. The company’s board of directors has appointed Saleh Sagr as the new President and CEO. The leadership change comes as the company maintains strong financial health, with InvestingPro data showing a remarkable 58% return over the past year.
Sagr, who joined Perma-Pipe in 2019 and most recently served as President, brings over 30 years of international experience in operations, engineering, and executive leadership across the energy and infrastructure sectors.
"I am honored to be appointed CEO of Perma-Pipe, and I’m grateful to the Board for their trust and confidence in me," Sagr said in the press release statement.
Jerome T. Walker, Chairman of the Board, thanked Mansfield for his service and expressed confidence in Sagr’s leadership, citing his "proven track record of strategic vision, operational insight, outstanding customer relationships, and strong leadership."
Perma-Pipe International Holdings describes itself as a global leader in pre-insulated piping and leak detection systems for oil and gas, district heating and cooling, and other applications. The company operates in fourteen locations across six countries.
The leadership change comes as the company continues its focus on delivering pre-insulated piping solutions for the transportation of various types of liquids across multiple industries. According to InvestingPro data, the company operates with moderate debt levels and maintains strong liquidity, with current assets exceeding short-term obligations.
In other recent news, Perma-Pipe International Holdings, Inc. announced securing multiple project awards totaling over $27 million across the Americas and MENA region. These projects will utilize the company’s anti-corrosion coating and XTRU-THERM insulation system technologies, catering to oil and gas markets in Western Canada and the United Arab Emirates, as well as data center and industrial expansion projects in the United States and Saudi Arabia. Additionally, Perma-Pipe has won a $2.4 million contract for a project in Qatar, marking its first venture in the country. This project will employ the company’s fabrication capabilities and XTRU-THERM insulation system, with operations commencing from a temporary facility in Doha. The company is also constructing a permanent facility in Qatar to support long-term regional operations. Perma-Pipe’s leadership highlighted the strategic importance of these contracts, emphasizing the growing demand for their solutions and the trust clients place in their offerings. These developments are expected to bolster the company’s backlog and enhance its market position. The announcements are based on press release statements.
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