Superior Offshore International, Inc. reported that its Board of Directors has unanimously approved the appointment of E. Donald Terry, currently an independent director of Superior Offshore, as the Company's Interim President and Chief Executive Officer until a successor is named, effective immediately. Mr. Terry's appointment followed James J. Mermis' resignation as President, Chief Executive Officer and a director of the Company. Mr. Mermis plans to join Kaplan Industry as its President of Technical Operations.
James L. Persky, Superior Offshore's independent Chairman of the Board, said, "Don Terry is the natural choice to lead Superior Offshore during this interim period. Don comes to Superior Offshore with a wealth of operational and leadership expertise earned during his 45 years in the subsea construction and commercial diving industry. His extensive experience in our industry gives him immediate insight into the business and operations of Superior Offshore and the needs and expectations of our customers. He has a solid track record of helping companies successfully take advantage of new opportunities while addressing current challenges."
Louis E. Schaefer, Jr., Superior Offshore's founder and largest shareholder, said, "I am extremely pleased that Don Terry has agreed to lead Superior Offshore. Don has successfully founded, grown and managed a number of subsea construction and commercial diving companies and, as a current independent director, he is already familiar with the Company and its customers and dedicated employees. I am confident that Don will provide Superior Offshore with leadership and stability and I fully support his appointment as interim CEO."
Mr. Terry said, "I am honored that the Board has selected me to lead Superior Offshore on an interim basis, and I am excited about Superior Offshore's significant strengths and dedicated employees. Working with the Superior Offshore team, I am fully committed to continuing the Company's focus on operational excellence and superior customer service and I will work to grow the Company and deliver value to our shareholders."
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