MISTRAS Group Announces Major Leadership Transition

Dr. Sotirios J. Vahaviolos Appointed Chairman Emeritus

Mr. Manuel N. Stamatakis Named Chairman of the Board and Interim CEO

Mr. Dennis M. Bertolotti, President and CEO, departs the Company

Mr. James J. Forese Appointed Lead Director and Chair of Corporate Governance Committee

PRINCETON JUNCTION, N.J., Oct. 09, 2023 (GLOBE NEWSWIRE) -- MISTRAS Group, Inc. (NYSE: MG), a leading "one source" multinational provider of integrated technology-enabled asset protection solutions, today announced a series of key leadership transitions that promise to guide the company into its next phase of growth and innovation.

Dr. Sotirios J. Vahaviolos is retiring as Executive Chairman after nearly 40 years of exceptional leadership and has been appointed Chairman Emeritus while remaining an active member of the Board of Directors. Succeeding him, the Board has appointed Mr. Manuel (Manny) N. Stamatakis as Chairman of the Board.

Mr. Dennis M. Bertolotti will be departing MISTRAS as its CEO, and the Board has asked Mr. Stamatakis to serve as the Interim CEO until a successor CEO is found.

Mr. James J. Forese, the current Chairman of the Audit Committee, has been named Lead Director and Chairman of the Corporate Governance Committee.

Board of Directors Commends Dr. Sotirios J. Vahaviolos for Distinguished Service

“On behalf of the entire MISTRAS Board of Directors and all the shareholders who have benefited from his hard work, I congratulate Sotirios on his remarkable 40-year career,” said Mr. Stamatakis. “We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the company he founded, the industry he helped advance, as well as the countless people he has positively impacted. We are grateful that he has agreed to remain on the Board of Directors, where we will all continue to benefit from his vision, experience, and wisdom.”

Dr. Sotirios J. Vahaviolos Acknowledges a Milestone Transition

“For over four decades, I've had the honor of leading a remarkably talented team that transformed MISTRAS Group from a small operation in Princeton, New Jersey, to a global leader in the field of nondestructive testing. Thanks to the tireless efforts of Manny as our Lead Director and the advancement of the Project Phoenix initiative, it is an appropriate time for a leadership transition to advance my legacy and build upon our strong foundation. I'm especially pleased and grateful that Manny has agreed to also take on the role of interim CEO until a successor is found. Manny’s many years of service to the MISTRAS Group as a member of every Committee and most recently as the architect and primary driver behind Project Phoenix has given him a deeper understanding of our Company and our growth opportunities. I, along with the entire Board of Directors, have full confidence in Manny’s leadership and thank him for taking on this role.