COLUMBIA, Md., April 4 /PRNewswire/ -- GSE Systems, Inc.
(Nasdaq-NNM: GSES), a leading global provider of integrated enterprise
software and information solutions to the energy, process and manufacturing
industries, today announced that Jerome I. Feldman has been appointed as
Chairman of the Board of Directors and that William E. Kuhlmann has assumed
the exclusive role of Chairman Emeritus for the Company, effective
immediately. The Company also announced that David E. Jeremiah, a Director of
the Company, will head a new management committee, which will assume executive
management responsibilities.
Jerome Feldman has thirty years of public company experience and is the
co-founder, President and CEO of National Patent Development Corporation
(AMEX: NPD). He has been a Director for GSE Systems since its formation in
1994. "I look forward to working with GSE by adding the experience and focus
necessary to achieve the Company's strategic initiatives," said Feldman.
"We're pleased that Bill Kuhlmann will continue his affiliation with the
Company and we're grateful to Bill for his strong leadership during his
three-year tenure as Chairman and CEO." Mr. Kuhlmann, who was instrumental to
the Company's growth since its formation in 1994 and the Company's successful
initial public offering in 1995, will now focus on maintaining and enhancing
the Company's relationships with its customers, as well as cultivating new
customer relationships. "I'm pleased that the vision we've established for
the Company will continue under the leadership of Jerry Feldman and Dave
Jeremiah," said Kuhlmann.
David Jeremiah (Admiral, USN - Ret.) has been a Director of the Company
since its initial public offering in 1995. Admiral Jeremiah had a
distinguished career with the U.S. Navy which culminated in his appointment in
1990 to serve as the second Vice Chairman of the Joint Chiefs of Staff, a
position he held through 1994. Admiral Jeremiah established a reputation
during his Navy career as an authority on strategic planning, financial
management, and the policy implications of advanced technology and is a
Partner of Technology Strategies and Alliances Corporation, a strategic
advisory and investment banking firm.
Admiral Jeremiah's leadership of the Company's new management committee
will begin immediately. In addition to Jeremiah, the committee will consist
of several key operating executives including: Mike Cromwell, the Company's
Vice Chairman; Rolf Falkenberg, President of the Company and head of its
international operations; Gene Loveridge, Senior Vice President of the Company
and head of its Business Systems business unit; and Chris Carnavos, Senior
Vice President of the Company and head of its Process Industries business
unit.
GSE Systems designs, develops and delivers business and technology
solutions by applying process control, data acquisition, simulation,
client/server and business software, systems and services to the energy,
process and manufacturing industries worldwide.
The Company's products are used in over 700 applications, representing
over 250 customers in 30 countries, in the following industries: specialty
chemical, food & beverage, petroleum refining, oil & gas, pharmaceutical,
fossil and nuclear power generation, metals, electrical distribution and water
treatment. GSE Systems is headquartered in Columbia, Maryland with offices in
Augusta, Ga., Baton Rouge, La., Houston, Texas, Phoenix, Ariz., Pittsburgh,
Pa., Salt Lake City, Utah and Shelby, N.C., and its global operations include
offices in Belgium, Japan, Korea, Singapore, Sweden, and Taiwan.
To receive additional information on GSE Systems, Inc., via fax at no
charge, dial 1-800-PRO-INFO and enter #178 or ticker symbol GSES.
SOURCE GSE Systems, Inc.
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CONTACT: Michael J. Cromwell, III, Vice Chairman of GSE Systems, 410-312-3600; or general - Doug DeLieto, media - Marty Gitlin, 212-661-8030, or analysts - Julie Creed, 312-266-7800, all of The Financial Relations Board
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