DIRTT Environmental Solutions Ltd. today announced changes to its senior management team and Board of Directors, effective immediately.

In the fourth quarter of 2017, the Board embarked on an internal assessment of its capabilities, Adjusted EBITDA, new growth opportunities, governance, and shareholder returns. The senior management changes implemented reflect the ongoing commitment to the Company in realizing its full growth potential and the resulting combination of recommended changes by the Board to improve performance, succession planning, strategy, and corporate governance.

Michael Goldstein has joined the Company as Interim President and CEO and Peter Henry has joined as Interim CFO. Goldstein will also join the Board of Directors.

Mogens Smed moves into a new role as Executive Chairman, from his previous position as CEO. Smed will continue to focus on the success of DIRTT’s sales partner network, as well as key business development initiatives, reporting to the CEO.

Scott Jenkins, who held the roles of President, Interim CFO, and Director, has departed the Company.

Steve Parry, Chairman of the Board, will transition to the role of independent Lead Director, retaining responsibility for the oversight of operations and affairs of the Board.

“We are pleased to welcome both Michael Goldstein and Peter Henry to DIRTT,” says Smed. “These changes are an important step in our path as a company and will support our growth ambitions. The Board and management team are committed to the success of DIRTT and achieving our full potential.”

The primary sales, operational, and product development activities of the Company are not directly impacted by these changes. DIRTT’s day to day engagement with clients and its sales partners remains the same, with incoming executives supporting and reinforcing the work of the leadership team. One-time costs related to these changes are expected to be in the $1.5-$2 million range per year for the three years starting 2017.