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updated: 1/31/2013 10:03 AM

MFRI CEO steps down; new management appointments made

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Marketwire

MFRI Chairman and Chief Executive Officer David Unger has retired as CEO and will continue as chairman of the board, the company announced.

Current President Bradley Mautner will become the Niles-based company's new chief executive officer, the company said in a release.

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The board also appointed Karl J. Schmidt as vice president -- chief financial officer and chief accounting officer. Schmidt's recent chief financial officer positions include Atkore International, a $1.7 billion global manufacturer of steel pipe and tube products, electrical conduits, cable and cable management systems, and Sauer-Danfoss, a $2.2 billion global manufacturer of hydraulic, electrical and electronic components and solutions for off-road vehicles. Prior to these assignments he held positions of increasing responsibility during his 24 years with Frankfurt, Germany, based Degussa-Huels Group. He earned an MBA equivalent from University of Muenster (Germany) and is a graduate of the Advanced Management Program at Harvard University.

The changes are part of a succession plan developed by the company.

"I appreciate the confidence the Board has shown by asking me to assume the responsibilities as CEO of our diverse group of companies. We have a wonderful platform to build on and I plan to use my almost 35 years of experience with our various businesses to continue expansion and reinvention, which is so critical in today's complex global business environment," Mautner said.

"David Unger has been a tremendous mentor to me and I look forward to our continued collaboration as we navigate the many challenges and opportunities which will shape the future of our enterprise," he added. "I am extremely pleased that Karl Schmidt has joined our team as Chief Financial Officer. Having someone of Karl's caliber lead our finance team as we continue to focus on improving operating performance and expanding our international activities is important to our future success. His strategic and pragmatic financial capability will be a great asset to the entire organization."

MFRI Inc. is a multiline company engaged in the following businesses: pre-insulated specialty piping systems for oil and gas gathering, district heating and cooling and other applications; custom designed industrial filtration products to remove particulates from dry gas streams; industrial process cooling equipment to remove heat from molding, printing and other industrial processes; and installation of heating, ventilation and air conditioning for large buildings.

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