IES (IESC) said Monday that President and Chief Operating Officer Matthew Simmes has been named chief executive officer, starting July 1.

Simmes, who will continue in his role as president and join the board, will succeed Jeffrey Gendell, who will become executive chairman and continue to lead the board, the company said.

Simmes has spent over 31 years at IES in increasingly senior roles, the company said.

Shares of the company were down 4% in recent premarket activity.