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HOUSTON - Stabilis Solutions, Inc. (NASDAQ:SLNG), a leader in small-scale LNG production and delivery with a market capitalization of $141 million and strong financial performance evidenced by a 63% return over the past year, announced the departure of its President and CEO Westervelt T. "Westy" Ballard, Jr., who left the company on January 31, 2025. The company’s Executive Chairman, J. Casey Crenshaw, will step in as interim President and CEO while the Board of Directors searches for a permanent replacement.
Ballard’s exit comes by mutual agreement as Stabilis prepares to enter a new strategic growth phase. He will continue to serve as a consultant through the end of the year to support a seamless transition.
Crenshaw, who co-founded Stabilis with his wife Stacey Crenshaw in 2013, expressed gratitude for Ballard’s contributions to the company. "During his tenure, Westy optimized the Company’s business and strengthened the foundation for profitable growth," Crenshaw said, adding that this groundwork further positions Stabilis for long-term value creation.
As interim CEO, Crenshaw will oversee daily operations and guide the company’s growth strategy. His experience as President & CEO of The Modern Group, Ltd., a diversified conglomerate, will inform his leadership at Stabilis during this transitional period.
Stabilis, known for its clean fueling solutions, remains focused on delivering LNG production, storage, transportation, and fueling services across various markets. The Board of Directors is committed to advancing the company’s strategy for value creation and growth in established and emerging sectors. InvestingPro analysts forecast significant revenue growth for the current year, with the company maintaining a healthy gross profit margin of 30%. For deeper insights into Stabilis’s growth potential and 13 additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.
This leadership change is part of Stabilis’ ongoing commitment to its network of customers, partners, and stakeholders. The company’s role in the growing small-scale LNG market is expected to continue under the new leadership.
The information in this article is based on a press release statement from Stabilis Solutions.
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