SatCon Announces Organizational Changes
19 October 2006 - 1:51AM
Business Wire
SatCon Technology Corporation� (Nasdaq GM: SATC), a developer and
manufacturer of power electronics and motors for the alternative
energy markets, today announced the following organizational
changes: John Carroll, an existing independent director, has been
appointed Chairman of the Board of Directors, replacing David
Eisenhaure. Mr. Eisenhaure will remain a director and continue to
serve as Chief Executive Officer and President of the Company. In a
further effort to streamline operations and reduce overhead,
Michael Turmelle�s employment with the Company will terminate,
effective October 31, 2006. Mr. Turmelle has been serving as
President of SatCon Power Systems, USA. Mr. Carroll joined SatCon
as a director in May�2005. Mr.�Carroll is currently Founder and
Chairman of The Newgrange Company, a diversified plastics product
manufacturer with operations in the United States, India, Vietnam
and China. Prior to establishing Newgrange sixteen years ago, he
was Chief Financial Officer of Leach�& Garner Company and
previously served as a consultant with Arthur D. Little,�Inc.
Mr.�Carroll holds an MBA in Finance from Columbia University and is
an English Chartered Accountant. He currently serves on the boards
of A. W. Chesterton Company and Leach�& Garner Company.
Commenting on his appointment as Chairman, Mr. Carroll noted, "The
Board believes that a fresh perspective will assist management to
improve shareholder value by better focusing SatCon's business
strategies to commercialize its superior technical capabilities. I
will work closely with David Eisenhaure and his management team to
achieve this end." About SatCon Technology Corporation SatCon
Technology Corporation is a developer and manufacturer of
electronics and motors for the Renewable Energy, Hybrid-Electric
Vehicle, Grid Support, High Reliability Electronics and Advanced
Power Technology markets. For further information, please visit the
SatCon website at www.satcon.com. (SATC-G) Statements made in this
document that are not historical facts or which apply prospectively
are forward-looking statements that involve risks and
uncertainties. These forward-looking statements are identified by
the use of terms and phrases such as �will,� �intends,� �believes,�
�expects,� �plans,� �anticipates� and similar expressions.
Investors should not rely on forward looking statements because
they are subject to a variety of risks and uncertainties and other
factors that could cause actual results to differ materially from
the Company�s expectation. Additional information concerning risk
factors is contained from time to time in the Company�s SEC
filings. The Company expressly disclaims any obligation to update
the information contained in this release. SatCon Technology
Corporation(R) (Nasdaq GM: SATC), a developer and manufacturer of
power electronics and motors for the alternative energy markets,
today announced the following organizational changes: -- John
Carroll, an existing independent director, has been appointed
Chairman of the Board of Directors, replacing David Eisenhaure. Mr.
Eisenhaure will remain a director and continue to serve as Chief
Executive Officer and President of the Company. -- In a further
effort to streamline operations and reduce overhead, Michael
Turmelle's employment with the Company will terminate, effective
October 31, 2006. Mr. Turmelle has been serving as President of
SatCon Power Systems, USA. Mr. Carroll joined SatCon as a director
in May 2005. Mr. Carroll is currently Founder and Chairman of The
Newgrange Company, a diversified plastics product manufacturer with
operations in the United States, India, Vietnam and China. Prior to
establishing Newgrange sixteen years ago, he was Chief Financial
Officer of Leach & Garner Company and previously served as a
consultant with Arthur D. Little, Inc. Mr. Carroll holds an MBA in
Finance from Columbia University and is an English Chartered
Accountant. He currently serves on the boards of A. W. Chesterton
Company and Leach & Garner Company. Commenting on his
appointment as Chairman, Mr. Carroll noted, "The Board believes
that a fresh perspective will assist management to improve
shareholder value by better focusing SatCon's business strategies
to commercialize its superior technical capabilities. I will work
closely with David Eisenhaure and his management team to achieve
this end." About SatCon Technology Corporation SatCon Technology
Corporation is a developer and manufacturer of electronics and
motors for the Renewable Energy, Hybrid-Electric Vehicle, Grid
Support, High Reliability Electronics and Advanced Power Technology
markets. For further information, please visit the SatCon website
at www.satcon.com. (SATC-G) Statements made in this document that
are not historical facts or which apply prospectively are
forward-looking statements that involve risks and uncertainties.
These forward-looking statements are identified by the use of terms
and phrases such as "will," "intends," "believes," "expects,"
"plans," "anticipates" and similar expressions. Investors should
not rely on forward looking statements because they are subject to
a variety of risks and uncertainties and other factors that could
cause actual results to differ materially from the Company's
expectation. Additional information concerning risk factors is
contained from time to time in the Company's SEC filings. The
Company expressly disclaims any obligation to update the
information contained in this release.
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