Matrix Service (NASDAQ:MTRX) shareholders elected seven directors, ratified Deloitte & Touche LLP as the company’s auditor for fiscal 2027 and approved executive compensation in an advisory vote, according to preliminary results announced at the company’s Nov. 3 annual meeting.
President and CEO Shawn Payne also outlined the company’s operating strategy, saying Matrix had spent the past 18 months simplifying its organization, strengthening commercial discipline and reducing costs. He said the company’s focus is now on execution, profitable growth and long-term shareholder value.
Shareholder votes
David Miller, vice president, general counsel and corporate secretary, said preliminary results showed that all seven board nominees were elected. They are Jose Bustamante, Martha Carnes, John Chandler, Carlin Conner, Shawn Payne, Liane Hinrichs and James Miller.
The directors will serve until the 2027 annual meeting or until their successors are elected or qualified. Chandler, the board’s chairman, said Payne joined the board when he was appointed president and CEO in July 2026.
Shareholders also ratified the audit committee’s engagement of Deloitte & Touche as Matrix’s independent registered public accounting firm for fiscal 2027 and approved the compensation of named executive officers in a nonbinding advisory vote. Miller said final voting results would be reported in an SEC filing within four business days.
More than 81% of eligible shares were represented in person or by proxy, establishing a quorum, Miller said. The record date for determining which shareholders were entitled to vote was Sept. 11, 2026.
Strategy and financial position
Payne described the company’s “Win, Execute, Deliver” framework as a guide for pursuing work, managing projects, allocating resources and measuring performance.
Under the “Win” component, Matrix aims to improve the quality and diversity of its backlog, strengthen customer relationships and expand into attractive end markets. Payne said the company is focused on winning work with appropriate risk profiles and commercial terms, rather than simply winning more projects.
He said “Execute” centers on delivering projects safely, on time and on budget, supported by operational discipline, improved processes and change management. The “Deliver” component focuses on translating execution into financial performance through accountability, disciplined capital deployment and continuous improvement.
Payne said Matrix has a strong balance sheet, robust liquidity and no debt. He characterized the company’s transformation as largely complete and said the changes have improved its competitive position.
No questions germane to the meeting were submitted through the web portal, Miller said before Chandler closed the meeting.
About Matrix Service (NASDAQ:MTRX)
Matrix Service Company (NASDAQ:MTRX) is an engineering, construction, and maintenance services provider serving the energy and industrial markets. Based in Tulsa, Oklahoma, the company supports the development, operation, and maintenance of critical infrastructure for customers across North America.
Through its operating businesses, Matrix Service provides engineering, procurement, fabrication, construction, commissioning, maintenance, and repair services. Its capabilities include aboveground storage tanks, terminals, pipelines, process facilities, power infrastructure, and other energy-related assets.
