Sterling Construction Appoints Paul Varello As CEO - Quick Facts

(RTTNews) - Sterling Construction Company, Inc. (STRL) announced that Paul Varello, who was elected acting CEO in February, has entered into a multi-year employment agreement with the company effective March 9, 2015.

The company said in connection with the change in his status, Varello has resigned as Chairman, and the Board has elected Milton Scott, who is Chair of the Board's Audit Committee, Chairman of the Board of Directors.

To further align his interests with those of shareholders, Varello's employment agreement calls for an annual salary of $1.00, and an award of 600,000 shares of restricted common stock that vests over three years, and that will be subject to the approval of the company's stockholders at the Annual Meeting of Stockholders on May 8, 2015.

Commenting on Varello, the company said he was named Board Chairman in December 2014 and as noted, became acting Chief Executive Officer on February 1, 2015. He has spent his entire career in the construction industry, after spending much of his youth working in his family's road-building business.

Giving a brief description on Milton Scott, the company said he is one of the Audit Committee's two financial experts, and has been a director of the company since 2005. He was a partner of Arthur Andersen, LLP from 1977 to 1999, and since then has had extensive experience as an executive, a director and chairman of various companies. In addition to his new role, Scott will remain Chair of the Audit Committee.