NEW YORK, June 11, 2020 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (NYSE: HCHC), a diversified holding company, announced today its Board of Directors has appointed Wayne Barr, Jr. as interim Chief Executive Officer. Mr. Barr succeeds Philip A. Falcone, effective immediately.

The Board of Directors intends to commence a search for a permanent CEO and has formed a search committee comprised of Chairman Avie Glazer, and directors Warren Gfeller and Michael Gorzynski.

“After a thorough review, the new HC2 Board has determined that the best course of action is to appoint Wayne as interim CEO while we embark on a search for a permanent successor,” said Mr. Glazer, Chairman of the Board of Directors of HC2. “With Wayne’s extensive financial and strategic experience, his familiarity with HC2 since its inception, along with the incumbent HC2 team that has been effectively executing on transforming our business, we are confident that he will skillfully guide HC2 through this next phase and create value for our stockholders.

“At the same time, we also want to thank Phil for his contributions to HC2,” added Mr. Glazer. “Phil helped build HC2 over the past six years, acquiring undervalued assets and growing them under the HC2 umbrella. He has set the stage for HC2 to succeed in its next chapter. We wish him all the best in his future endeavors.”

Mr. Barr will continue to serve on the recently created Executive Committee of the Board, comprised of Chairman Avie Glazer, Michael Gorzynski and Mr. Barr, while Shelly Lombard will replace Mr. Barr on the Compensation Committee, effective immediately.

Mr. Barr has served as a director of HC2 since January 2014, as well as serving as a director of certain HC2 subsidiaries. Since March 2019, Mr. Barr has been President and CEO of CCUR Holdings, Inc. (OTCQB: CCUR) (“CCUR”). He joined the CCUR board in 2016 and was also Executive Chairman of CCUR until April 2020. Mr. Barr is also a member of the board of directors of Alaska Communications Group, Inc., (NASDAQ: ALSK), where he is chairman of the Compensation and Personnel Committee and serves on the Nominating and Governance Committee.

“I appreciate the Board’s confidence, and I am proud to be leading our excellent team on an interim basis through this important period,” said Mr. Barr. “All of our businesses and our teams have stepped up admirably during these challenging times, and we are on the right path with respect to de-levering our balance sheet and strengthening our capital structure. Additionally, our Board continues to evaluate all strategic options in order to unlock additional value for our stockholders.”

About HC2

HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across multiple reportable segments, including Construction, Energy, Telecommunications, Life Sciences, Broadcasting, Insurance and Other. HC2's largest operating subsidiary is DBM Global Inc., a family of companies providing fully integrated structural and steel construction services. Founded in 1994, HC2 is headquartered in New York, New York. Learn more about HC2 and its portfolio companies at www.hc2.com.