Scott Kornblau, who recently left his CFO role at Diamond Offshore, has been appointed CFO at Great Lakes Dredge & Dock Corporation (GLDD), which has its head office in the Memorial City area of Houston.
GLDD is the nation’s largest provider of dredging services. The company was founded in 1890. It changed its name in 1905 and performed marine construction and landfill projects along the Chicago lakefront and in the surrounding Great Lakes region. In recent years, it has been expanding into the East and Gulf Coasts of the US.
GLDD has revenues of $700 million and a market capitalization of $1 billion.
Lasse Petterson was appointed the new CEO in May 2017. He joined the company from Houston-based CB&I (now part of McDermott) where he was COO. Prior to that, he worked in Houston at AMEC Inc, Americas and Aker Maritime. GLDD moved its head office to Houston one year ago.
Current CFO Mark Marinko, who has been in that position since 2014, will remain in the Chicago area. He will receive a severance of 1.5 times base salary of $401,000 plus 1.5 times annual incentive. In addition his restricted stock will vest. In total, Mr. Marinko will receive a severance package worth $2.5 million.
Mr. Kornblau will receive a base salary of $435,000. He will also a one-time restricted stock award of 15,000 units (currently worth about $225,000) that will vest over three years.