- Promotes Jason Vlacich to Chief Financial Officer &
Chief Accounting Officer
- Promotes Troy Schrenk to Senior
Executive Vice President Operations & Chief Commercial
Officer
- Reaffirms Full Year 2023 and Preliminary 2024 Financial
Outlook
THE
WOODLANDS, Texas, Jan. 23,
2024 /PRNewswire/ -- Target Hospitality Corp.
("Target Hospitality," "Target" or the "Company") (Nasdaq: TH), one
of North America's largest
providers of vertically integrated modular accommodations and
value-added hospitality services, today announced that Jason Vlacich, the Company's Chief Accounting
Officer, has been promoted to the expanded role of Chief Financial
Officer. Additionally, Troy Schrenk
has been promoted to the expanded role of Senior Executive Vice
President of Operations in addition to his position of Chief
Commercial Officer. Both promotions are effective as of
January 23, 2024.
These two promotions align well with the recently awarded
transformational, multi-year humanitarian contract award to Target
Hospitality. Mr. Schrenk will lead the Company's business and
commercial operations, construction, business development, and
government relations. Mr. Vlacich will lead the finance,
accounting, treasury, tax, IT business applications and investor
relations functions. Mr. Vlacich succeeds Eric Kalamaras, who has departed from the
Company to pursue other interests. The Company expects a seamless
CFO transition given the finance and accounting teams remain intact
and given the long history of Mr. Vlacich leading the accounting
and financial reporting efforts for the past six years.
Brad Archer, Target Hospitality's
President and Chief Executive Officer, stated, "Jason and Troy have
been integral parts of our finance and operating teams,
respectively. These promotions are exciting and well-earned next
steps for these two leaders. Their business acumen, functional
expertise, industry knowledge and extensive experience make them
well suited to assume a more significant role in this premier
organization. Importantly, having been with us for many years, they
are each a strong cultural fit. We are confident in Jason and
Troy's ability to provide strategic leadership and vision as we
continue to enhance our strong financial position and scalable
operating platform. We thank Eric for his service to Target
Hospitality and wish him the very best."
Mr. Vlacich brings a wealth of financial experience, with over
20 years in finance, public accounting and hospitality accounting.
The promotion expands on his continuing role as the Company's Chief
Accounting Officer since 2018, where he has made significant
contributions to the finance, accounting, tax, and other key
financial functions, as well as leading the implementation of
transformative key business applications. Prior to joining Target
Hospitality, he served as Chief Accounting Officer at Highgate
Hotels, L.P., where he led the company's domestic and European
accounting expansion and centralization as well as the
implementation of global accounting systems. Prior to his role at
Highgate Hotels, L.P., Mr. Vlacich was a Senior Audit Manager and
served in various other roles at PricewaterhouseCoopers, LLP where
he provided services to public and private companies, including for
initial public offerings, across multiple industries with a
concentration in the hospitality industry. Mr. Vlacich
also served in a variety of financial reporting, Sarbanes-Oxley
compliance, and corporate accounting roles in other industries and
public companies. Mr. Vlacich holds a bachelor's degree in
Accountancy from Bentley University and is a Certified Public
Accountant.
Since joining the Company in 2012, Mr. Schrenk has led teams
that have achieved record revenue growth by forging new,
diversified and durable customer relationships including the
transformational expansion of the company's government segment
With over 20 years of experience in specialty rentals,
housing, construction and hospitality industries, Mr. Schrenk will
continue to serve as the Company's Chief Commercial Officer a role
he has served since 2018 and is a proven leader with a track record
of success in revenue growth, operations and strategic growth
management, which began with Fortune 500 Centex Homes from 2000 to
2005. He held various leadership roles at other homebuilding,
specialty rental and manufacturing companies prior to joining
Target Hospitality. Mr. Schrenk holds an MBA from Boise State University and a bachelor's degree from
George Fox University.
The Company today also reaffirmed its full year 2023 and
preliminary 2024 financial outlook, which it provided in connection
with the announcement of the $3.3
billion contract award for the Pecos Humanitarian Community
in December 2023.
Mr. Kalamaras' departure is not a result of any disagreement
with the Company or its independent auditors on any matter relating
to the Company's accounting, financials, strategy, management,
operations, policies, regulatory matters or financial
practices.
About Target Hospitality
Target Hospitality is one of North
America's largest providers of vertically integrated modular
accommodations and value-added hospitality services in the United States. Target builds, owns and
operates a customized and growing network of communities for a
range of end users through a full suite of value-added solutions
including premium food service management, concierge, laundry,
logistics, security and recreational facilities services.
Cautionary Statement Regarding Forward Looking
Statements
Certain statements made in this press release are "forward
looking statements" within the meaning of the "safe harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"estimates," "projected," "expects," "anticipates," "forecasts,"
"plans," "intends," "believes," "seeks," "may," "will," "could,"
"should," "future," "propose" and variations of these words or
similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside our control, that could cause
actual results or outcomes to differ materially from those
discussed in the forward-looking statements. Important factors,
among others, that may affect actual results or outcomes include:
operational, economic, including inflation, political and
regulatory risks; federal government's determination to exercise
option periods associated with the humanitarian contract; our
ability to effectively compete in the specialty rental
accommodations and hospitality services industry; effective
management of our communities; natural disasters and other business
distributions including outbreaks of epidemic or pandemic disease;
changes in demand within a number of key industry end-markets and
geographic regions; failure to retain key personnel; increases in
raw material and labor costs; our future operating results
fluctuating, failing to match performance or to meet expectations;
our exposure to various possible claims and the potential
inadequacy of our insurance; our obligations under various laws and
regulations; the effect of litigation, judgments, orders,
regulatory or customer bankruptcy proceedings on our business; our
ability to successfully acquire and integrate new operations;
global or local economic and political movements, including any
changes in policy under the Biden administration; federal
government budgeting and appropriations. We undertake no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
Contacts:
Investors
Mark
Schuck
(832) 702 – 8009
ir@targethospitality.com
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SOURCE Target Hospitality