STG Announces New Board of Directors

STG Group Holdings Inc., (STGH) has appointed a new board of directors to take control of STG Inc., its subsidiary operating company. The new board was appointed by the company’s creditors Nov. 13.

The new board of directors includes Phil Lacombe, President and CEO of STG, and two outside directors: Robert Warshauer, a managing director from Imperial Capital, who chairs the new board; and Jarlath Johnston, managing director at Bentley Associates L.P.

In announcing the new board, Warshauer said, “We want to be very clear that our role is to assure the success of STG. And that means maximizing value for all of STG’s stakeholders. Our duty is to all of STG – to STG’s important government customers – to the men and women of STG who make the company successful – and to STG’s many stakeholders.”

“This is a corporate-level change that strengthens STG and its ability to deliver to customers and the market,” Lacombe said. “STG is maintaining the leadership team our customers have come to know and rely on. There is absolutely no change in STG’s commitment to our customers’ important government and national security missions. The STG team will continue to provide the expert technical and professional services and solutions our customers need to carry out their vital government and national security missions.”

Lacombe also clarified misperceptions caused by news reports associated with the creation of the new board and resignations by members of the former board at STG Group (a shell holding company with no control of STG). “There was confusion caused by the realignment necessary with the new board of directors. But the facts are straightforward: With a new board in place, STG will press forward with increased confidence. Our relationship with our creditors is increasingly positive, and the company’s recent win of the GSA Alliant II contract — a potential 10-year $50 billion indefinite delivery/indefinite quantity vehicle — reinforces our view.

“We have confidence in STG, its management team, its employees and its business. With the new board in place, we can continue to underwrite STG’s liquidity and build an increasingly healthy company,” said Ashok Nayyar, chief investment officer of MC Credit Partners LP, the company’s lead lender.

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