Mr. Persky replaces Louis E. Schaefer, Jr., the Company's founder, who has decided to retire and has resigned from the Board of Directors effective November 14, 2007.
"Working to grow Superior Offshore from the very beginning, from a small diving company in Louisiana to a publicly traded, international provider of subsea construction and commercial diving services, has given me great satisfaction," said Mr. Schaefer. "I believe that Jim Mermis, James Persky, the Company's Board and the management team are fully capable of leading Superior Offshore to even greater successes in the years to come."
"We cannot thank Louis enough for his years of service to Superior Offshore," said James J. Mermis, President and Chief Executive Officer of Superior Offshore. "We would not be where we are today without his clear vision and unparalleled dedication to the Company, and we wish him the best of luck in all of his future endeavors."
Mr. Schaefer expects to pursue other interests in his retirement, particularly focusing on humanitarian and charitable work, as well as other future business opportunities.
James L. Persky has been a director of Superior Offshore since April 2007 and is Lead Director and Chairman of the Audit Committee. From 1998 to 2001, Mr. Persky was Vice President and Chief Financial Officer of Luminex Corporation, a medical research and development company. From 1985 through 1997, Mr. Persky was employed by Southdown, Inc., a cement manufacturer, as Controller in 1985, Vice President-Finance from 1986 to 1989, Senior Vice President-Finance from 1989 to 1994, and Executive Vice President-Finance and Administration from 1994 through 1997. From 1980 through 1984, Mr. Persky was employed by Enstar Corporation, a crude oil and natural gas exploration and production company, where he served as Corporate Controller in 1984 and Assistant Controller-Oil and Gas Operations from 1980 through 1983. From 1971 to 1980, Mr. Persky was employed by Shell Oil Company, an international crude oil and natural gas exploration, production, refining and marketing company. Mr. Persky is a Certified Public Accountant and holds a Bachelor of Business Administration from the University of Texas and a Master of Science in Accountancy from the University of Houston.
"With a long and distinguished career in senior corporate management as an expert in finance and accounting, James Persky has been an invaluable member of our board of directors since our initial public offering," said Mermis. "We are pleased that he has agreed to serve as Chairman of the Board and look forward to his continued leadership as we move ahead."
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