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Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) reported that on June 25, 2025, directors David B. Brown and Robert J. McNally tendered their resignations to the board after receiving less than a majority of votes cast at the company’s annual meeting of stockholders. The company’s nominating and corporate governance committee will recommend to the board whether to accept or reject the resignations, with a final decision and public disclosure expected by July 25.
At the annual meeting, shareholders voted on the election of five directors. Jon C. Biro and Ibrahim Al Kuwari each received a majority of votes in favor, while Brown and McNally received more votes against than for. David J. Mansfield resigned from the board prior to the meeting and did not stand for re-election, resulting in the election of four directors.
Shareholders also approved, by more than 94% of shares voted, the compensation of the company’s named executive officers. In an advisory vote on the frequency of future executive compensation votes, over 86% of votes cast favored an annual vote.
Additionally, the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for the fiscal year ending January 31, 2026, was ratified by more than 99% of shares voted.
The company disclosed that Jon C. Biro was appointed chairman of the board, effective June 25, succeeding Jerome T. Walker.
This information is based on a press release statement contained in a recent SEC filing.
In other recent news, Perma-Pipe International Holdings has announced significant developments affecting its operations and leadership. The company reported securing over $27 million in global project awards, with contracts spanning the Americas and MENA region, utilizing their anti-corrosion coating and XTRU-THERM insulation technologies. Additionally, Perma-Pipe has won a $2.4 million contract for a project in Qatar, marking its first venture in the country and aligning with its strategic expansion plans in the MENA region.
In a leadership change, David Mansfield has stepped down as CEO, with Saleh Sagr appointed as the new President and CEO. Sagr brings over 30 years of international experience in various sectors, and his appointment aims to continue the company’s focus on delivering innovative piping solutions. Mansfield’s resignation from the board was not due to any disagreements with the company’s operations or policies.
These changes come amidst Perma-Pipe’s ongoing efforts to expand its market reach and diversify its product offerings. The company is also constructing a permanent facility in Qatar to support long-term operations in the region. These developments highlight Perma-Pipe’s commitment to growth and its strategic initiatives in the global market.
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