Babcock & Wilcox Executes Major Executive Restructuring to Drive Growth in Clean Energy Technologies

Babcock & Wilcox Enterprises, Inc. (NYSE: BW) is implementing significant organizational changes effective January 1, 2025, positioning the company for accelerated expansion in carbon capture, hydrogen, and renewable energy sectors. The restructuring reflects the company’s strategic pivot toward emerging technologies while maintaining operational stability through a carefully planned leadership transition.

Financial Leadership Transition: Lou Salamone Steps Down, Cameron Frymyer Takes the Helm

After six years of stewardship through unprecedented challenges—including navigating COVID-19’s global impact—Lou Salamone is transitioning from his role as Chief Financial Officer. Originally committed to a two-year tenure, Salamone extended his engagement to four additional years, demonstrating his dedication to stabilizing the company’s finances. His departure is structured to ensure continuity; he will remain as a consultant for one year, supporting refinancing initiatives and debt reduction strategies.

Cameron Frymyer, who brings 27 years of internal expertise to the role, ascends to Chief Financial Officer. With deep roots in B&W’s Finance & Accounting operations and recent experience as Senior Vice President of Business Operations, Frymyer is well-positioned to execute the company’s debt optimization roadmap. His background includes a Bachelor’s Degree in Accounting and a Juris Doctor from The University of Akron, providing both technical and strategic acumen.

Kenneth Young, B&W’s Chief Executive Officer, emphasized the criticality of this transition: “Lou’s tireless support has been invaluable as we worked to restore the Company to a strong financial footing. Cameron’s internal knowledge and proven track record make him the ideal successor to lead our refinancing efforts and position us for sustainable growth.”

Operational Excellence and Commercial Expansion: New Roles Drive Strategic Priorities

Chris Riker’s appointment as Chief Operating Officer marks a promotion of a 15-year veteran who has consistently delivered operational improvements. Leading the Thermal Segment since 2022, Riker enhanced cash flows and margins across global operations. His new mandate encompasses oversight of all global business operations, implementation of growth strategies, and execution of cost-saving initiatives. Prior roles included Vice President of Global Parts & Service and Industrial Steam Generation, coupled with a finance background as Controller of the Diamond Power International subsidiary. Riker holds degrees in Finance and Economics from Florida State University and an MBA from the University of North Carolina.

Complementing this operational focus, Jimmy Morgan assumes the Chief Commercial Officer position, a newly created role emphasizing commercial development for the ClimateBright™ and BrightLoop™ product suites. Morgan brings over 31 years of large-scale energy project experience, with eight years specifically at B&W. His background includes managing complex waste-to-energy projects across Europe and previous leadership at Allied Technical Resources, BHI Energy, and Westinghouse. Armed with an Electrical and Computer Engineering degree from the University of South Carolina and an MBA from the Darla Moore School of Business, Morgan will spearhead growth initiatives in carbon capture and hydrogen technologies—sectors poised to generate significant long-term revenue.

Corporate Operations Streamlining: Gillianne Hetrick Consolidates Support Functions

Gillianne Hetrick’s promotion to Senior Vice President, Corporate Operations, reflects the company’s commitment to operational efficiency and overhead reduction. Hetrick will consolidate leadership of Human Resources, Environmental Health, Safety & Security, Information Technology, Communications & Marketing, Facility Services, and Global Travel. Joining B&W in 2019 and most recently serving as Vice President of Corporate Operations since 2022, Hetrick brings over 20 years of experience from mid-sized and publicly traded companies where she drove process improvements and operational excellence. Her background in Public Relations and Applied Communication from Northern Michigan University complements her hands-on experience in business strategy and efficiency optimization.

Strategic Implications: Aligning Leadership with Market Opportunities

This leadership restructuring reflects B&W’s deliberate repositioning in the energy transition landscape. By elevating commercial and operational leadership while maintaining financial discipline, the company is signaling its intent to scale renewable and environmental segment revenues, particularly through emerging carbon capture and hydrogen technologies. The retention of Lou Salamone as a consultant underscores management’s commitment to maintaining financial stability during the debt reduction phase, while the internal promotion of Cameron Frymyer ensures continuity in execution.

CEO Kenneth Young concluded: “This leadership team is poised to help B&W expand across our Thermal, Renewable and Environmental segments, launch new technologies, and continue serving our strong global customer base. These appointments demonstrate our confidence in their ability to drive sustainable growth while managing our balance sheet responsibly.”

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a global leader in energy and environmental products and services for power and industrial markets. The company serves customers across thermal energy, renewable energy, and environmental solutions sectors.