ROCHESTER HILLS, Mich., July 29 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD) (Nasdaq: ENER), a leading global
manufacturer of thin-film solar products, announced today it has appointed
Harry W. Zike as Vice President and Chief Financial Officer effective
September 1. Mr. Zike will replace Sanjeev Kumar who has decided to leave
the company at the end of August to pursue other opportunities. As CFO, Mr.
Zike will be responsible for all aspects of ECD's finance function,
including accounting, financial planning and analysis, tax, treasury,
audit, and information technology activities of ECD. He will report to Mark
Morelli, ECD's President and Chief Executive Officer.
Prior to joining ECD, Mr. Zike served as Executive Vice President,
Chief Financial Officer and Director with Siemens VDO Automotive
Corporation where he headed the financial and business administration
operations of the Americas region. Additionally, he was responsible for
corporate governance, shared services, information technology/security,
treasury and taxes, risk management, insurance, real estate and facilities,
internal audit and procurement, and logistics.
While at Siemens Westinghouse Power Corporation, Mr. Zike was Vice
President and Chief Financial Officer and Director. In this role, together
with the executive management team, he integrated the acquisition of the
approximate $1 billion fossil power generation business of Westinghouse
into Siemens and managed a fourfold growth in revenue.
"We are pleased that Harry has made the decision to join the ECD
leadership team. He brings broad-based financial and executive leadership
experience that will be essential to our ongoing success as we continue to
commercialize our technology and accelerate our growth in the rapidly
expanding global solar industry," said Mr. Morelli. "With his background in
fast growth environments, and with more than 30 years of progressive and
international finance experience, Harry is an important addition as we
rapidly grow to 1GW of capacity."
"We would also like to acknowledge and thank Sanjeev for his service
and commitment to ECD during a period of enormous change and progress,"
added Mr. Morelli. "During his tenure, we turned the corner operationally
and financially, reached profitability, completed a major capital raise,
and delivered significant value to shareholders. We appreciate Sanjeev's
contributions to ECD's growth and his assistance in transitioning Harry
into his new role. We wish Sanjeev well in his future endeavors."
Mr. Morelli added, "We are seeing strong demand for our products in the
marketplace and continue to experience positive momentum. We look forward
to speaking to investors on our fourth quarter earnings conference call,
scheduled for August 28, 2008."
About Energy Conversion Devices
Energy Conversion Devices, Inc. (Nasdaq: ENER) manufactures and sells
thin-film solar laminates that convert sunlight to energy using proprietary
technology. Distributed globally under the UNI-SOLAR(R) brand, the
company's products are ideally suited for cost-effective solar roofing
solutions because they are lightweight, durable, flexible, can be
integrated directly with building materials, and generate more energy in
real-world conditions. ECD also pioneers other alternative technologies,
including a new type of non-volatile digital memory that is significantly
faster and less expensive, and is ideal for a variety of applications
including cell phones, digital cameras and personal computers. For more
information, please visit http://www.ovonic.com.
This release may contain forward-looking statements within the meaning
of the Safe Harbor Provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are based on assumptions which
Energy Conversion Devices (ECD), as of the date of this release, believes
to be reasonable and appropriate. ECD cautions, however, that the actual
facts and conditions that may exist in the future could vary materially
from the assumed facts and conditions upon which such forward-looking
statements are based. The risk factors identified in the ECD filings with
the Securities and Exchange Commission, including the company's most recent
Annual Report on Form 10-K, could impact any forward-looking statements
contained in this release.
SOURCE Energy Conversion Devices, Inc.
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Related links:
http://www.ovonic.com
CONTACT:
Mark Trinske, Vice President, Investor
Relations & Corporate Communications of Energy Conversion
Devices, Inc., +1-248-299-6063
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