On September 2, 2020, Babcock & Wilcox Enterprises, Inc.'s board of directors appointed five new directors, Henry E. Bartoli, Philip D. Moeller, Rebecca Stahl, Joseph A. Tato and Kenneth M. Young, to serve as members of the Company's board of directors effective immediately. Messrs. Tato and Young will serve as Class I directors with a term expiring in 2022, Ms. Stahl will serve as a Class II director with a term expiring in 2023, and Messrs. Bartoli and Moeller will serve as Class III directors with a term expiring in 2021. Each will serve as a director of the Company until the expiration of his or her term or until his or her successor is duly elected and qualified or until his or her earlier death, resignation or removal. In connection with his appointment to the board of directors, Mr. Young was also selected to succeed Matthew E. Avril as Chairman of the board of directors. Because the roles of Chairman and Chief Executive Officer are now combined, the board of directors selected Alan B. Howe to serve as the board's Lead Independent Director. In connection with their respective appointments to the board, Ms. Stahl will serve on the Audit and Finance and Compensation Committees, Mr. Moeller is expected to serve on the Compensation Committee, and Mr. Tato is expected to serve on the Audit and Finance and Governance Committees. On September 2, 2020, Matthew E. Avril, Cynthia S. Dubin, Brian R. Kahn, Bryant R. Riley and Kenneth Siegel each retired from the Company's board of directors. Henry E. Bartoli is the Chief Strategy Officer of Babcock & Wilcox. Bartoli is a seasoned executive with more than 35 years of experience in the global power industry, and more recently served as President and Chief Executive Officer of Hitachi Power Systems America, LTD from 2004 to 2014. Philip Moeller serves as Executive Vice President, Business Operations Group and Regulatory Affairs at the Edison Electric Institute. Rebecca Stahl currently serves as the Chief Financial Officer of The Association for Manufacturing Technology. Joseph Tato is a partner at Covington & Burling, LLP. Kenneth Young has served as Chief Executive Officer of Babcock & Wilcox (B&W) since November 2018 and Chairman since September 2020, has more than 30 years of operational, executive and director experience, primarily within the energy, communications and finance industries, on a global basis. He currently serves as President of B. Riley Financial, Inc., and Chief Executive Officer for B. Riley Principal Investments, a wholly owned subsidiary of B. Riley Financial.