ROCHESTER HILLS, Mich., Aug. 1 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD) (Nasdaq: ENER) has appointed Mark D. Morelli
as President and Chief Executive Officer and a member of its Board of
Directors, effective September 1, 2007. Robert C. Stempel will continue in
his present capacity as Chief Executive Officer through August 31, 2007,
and will continue thereafter as Chairman of ECD's Board of Directors.
Mr. Morelli, 43, has been a senior executive with United Technologies
Corporation, most recently serving as President of its Carrier Commercial
Refrigeration business, a division of Carrier Corporation. He has had
progressive executive leadership roles, including international
assignments, with a proven track record of improving profitability, leading
team-building and reorganization efforts, and integrating businesses on a
global scale. His customer and strategic product experience includes
building-integrated commercial products.
"We are delighted to bring Mark on board to lead the company," said
Stephen Rabinowitz, Lead Director of ECD's Board of Directors, who led the
search committee. "Mark is a talented executive who has demonstrated
success in a dynamic, high-performance environment. He has tremendous
energy, drive and experience-particularly in bringing technology products
to market and profitably building market share-that will be instrumental as
we continue commercializing our products and drive toward sustainable
profitability."
Mr. Morelli received his MBA from the Massachusetts Institute of
Technology and bachelors of mechanical engineering from the Georgia
Institute of Technology. Mr. Morelli has also served as an Attack
Helicopter Company Commander in the United States Army National Guard.
"We also want to recognize Bob Stempel's contributions to ECD," added
Mr. Rabinowitz. "When Bob joined ECD in 1995, the company had many
promising technologies, which were still in the development stage. Bob had
a vision, and, through his leadership and dedication, he navigated the
realization of ECD's technology portfolio into commercial products for new
markets. He has guided the company from its research and development roots
to a global, commercial enterprise, and his efforts provide the foundation
for the company's future success. We wish him all the best in his
retirement."
These executive management changes are part of the company's announced
succession planning activities, which are nearing completion. In connection
with Mr. Morelli's appointment, James Metzger will resume his position as
Executive Vice President and Chief Operating Officer, the position he held
before serving as Interim President beginning in April 2007. "We appreciate
Jim's contributions during this transition period, especially his
leadership in implementing the organizational restructuring plan," said Mr.
Rabinowitz.
About Energy Conversion Devices
Energy Conversion Devices is the leader in the synthesis of new
materials and the development of advanced production technology and
innovative alternative energy products and solutions. The company's
portfolio of alternative energy solutions and proprietary information
processing technologies features the latest advances in solar electric
power generation, NiMH batteries, and fuel cell, solid hydride storage and
phase-change memory technologies. ECD designs and builds manufacturing
machinery that incorporates its proprietary production processes, maintains
ongoing research and development programs to continually improve its
products and develops new applications for its technologies. ECD holds the
basic patents in its fields. More information on the Company is available
at http://www.ovonic.com.
SOURCE Energy Conversion Devices, Inc.
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Related links:
http://www.ovonic.com
CONTACT:
Sanjeev Kumar, Vice President and CFO, or
Ghazaleh Koefod, Investor Relations, +1-248-293-0440, both of
Energy Conversion Devices, Inc.
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