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MFRI CEO Retiring, Mautner Named Replacement, Schmidt Named CFO

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MFRI, Inc. (NASDAQ: MFRI) announced today that as part of planned succession changes, Chairman and Chief Executive Officer David Unger has retired as CEO and will continue as Chairman of the Board. At the same time, current President Bradley Mautner will assume the responsibilities of Chief Executive Officer. Additionally, the Board has appointed Karl J. Schmidt as Vice President -- Chief Financial Officer and Chief Accounting Officer of the Company. Mr. Schmidt's recent Chief Financial Officer positions include Atkore International, a $1.7 billion global manufacturer of steel pipe and tube products, electrical conduits, cable and cable management systems, and Sauer-Danfoss, a $2.2 billion global manufacturer of hydraulic, electrical and electronic components and solutions for off-road vehicles. Prior to these assignments he held positions of increasing responsibility during his 24 years with Frankfurt, Germany, based Degussa-Huels Group. He earned an MBA equivalent from University of Muenster (Germany) and is a graduate of the Advanced Management Program at Harvard University.

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