HOUSTON, March 04, 2019 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (NASDAQ: IESC) announced today that Gary S. Matthews has been appointed as Chief Executive Officer and a Director of IES, effective immediately. The Company also announced that Robert W. Lewey has stepped down as President and as a Director of the Company, effective March 4, 2019, in order to assume a senior management role within the Company’s Residential Division.

Prior to joining IES, Mr. Matthews spent twelve years as Managing Director and Operating Partner of Morgan Stanley Capital Partners, the private equity business of Morgan Stanley, where he oversaw numerous portfolio companies. Prior to that role, he led several private equity-backed manufacturing companies, as well as business units of several public companies. Mr. Matthews also held senior management positions in strategic planning at PepsiCo after working as a Senior Engagement Manager at McKinsey & Company.

“We are pleased by the addition of Gary to lead our management team as we enter a more strategic phase of our growth,” said Jeffrey Gendell, Chairman of the Board of IES. “Gary has a broad strategic planning background and experience managing decentralized businesses, which will be instrumental in accelerating our expansion plans. Gary also has substantial experience in managing large organizations and developing management teams. We believe our solid balance sheet and free cash flow will help allow us to take advantage of growth opportunities in our existing businesses and establish additional operating platforms under IES.

“On behalf of the entire Board and the employees of IES, I want to thank Bobby Lewey for his guidance over the past four years as President as we strengthened our operations and positioned IES for the anticipated growth in the electrical and telecommunications industries, and we look forward to his continued contributions to our Residential segment.”

Mr. Matthews stated, “I am excited to assume this new role and for the future of IES. We have an accomplished team that is focused on maintaining our strong leadership position in the markets we serve while driving future growth opportunities for the Company.”

ABOUT IES HOLDINGS, INC.

IES is a holding company that owns and manages diverse operating subsidiaries, comprised of providers of industrial infrastructure services to a variety of end markets. Our approximately 4,500 employees serve clients in the United States. For more information about IES, please visit www.ies-co.com.