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| 8-K - FORM 8-K - COMVERGE, INC. | form8k02222010.htm |
EXHIBIT
99.1
5390
Triangle Parkway
Norcross, GA 30092
FOR
IMMEDIATE RELEASE
COMVERGE
APPOINTS R. BLAKE YOUNG PRESIDENT AND CHIEF EXECUTIVE OFFICER
25-Year
Energy Industry Veteran Brings Extensive Experience
Michael
D. Picchi Joins Board of Directors
Norcross, GA, February 22, 2010 –
Comverge, Inc. (Nasdaq: COMV) today announced that R. Blake Young, a
member of the Company’s Board of Directors since 2006 and a 25-year industry
veteran, has been appointed President and Chief Executive Officer, effective
immediately.
“Innovative
technology and reliable demand management advice are requirements to
successfully serve utility and C&I customers in today’s smart grid
evolution. Blake’s blend of experience makes him uniquely suited to
lead Comverge as it continues to forge ahead with its turn-key solutions and
state-of-the art technology,” said Alec G. Dreyer, Chairman of the Comverge
Board. “He has proven executive management experience with both
energy and utility companies, and has led the technology functions for global
Fortune 500 companies. Through his board service at Comverge, he has
gained a deep understanding of our company and the actions we must take to meet
the demands of our customers and the need for clean energy-saving alternatives,
while also meeting the expectations of our shareholders.”
Mr. Young
said, “Comverge’s portfolio of innovative clean energy solutions, expanding
customer relationships and team of more than 400 employees provide a solid
foundation on which to build. By better leveraging these strengths, I
am confident that we will accelerate our growth as we drive towards
profitability. I’m honored to have been selected to serve in this new
role and look forward to working closely with the Board and the Comverge team as
we work to build and grow our leadership position.”
Michael
D. Picchi, who has been serving as Interim President and Chief Executive
Officer, will continue in his existing role as Executive Vice President and
Chief Financial Officer, and has also been appointed as director to the
Company’s Board.
Mr.
Dreyer stated, “We are pleased that we will continue to benefit from Mike’s
financial expertise and strategic insight as CFO and as a new member of the
Board. Mike has successfully led this Company over the past eight
months, enhancing its position in the energy industry and creating a culture of
accountability and innovation. I am excited to continue to work with
him both as an executive and fellow board member.”
Mr.
Young, 51, has served as a member of the Comverge Board of Directors since
August 2006. Most recently, he was the founder and Managing Partner
of Cap2ity Consulting Group, a business, technology and management consulting
group. Previously, he served as Senior Vice President, Global IT
& Technology for BG Group, a global energy company based in
London. Prior to that, Mr. Young held various senior management
positions with Dynegy Inc., including Executive Vice President and Chief
Administrative Officer as well as Executive Vice President & President of
Global Technology. He also served as President of Illinois Power
Company, Dynegy's electric and gas transmission and distribution
company. Prior to his eight years at Dynegy, Mr. Young served as
Chief Information Officer of the US Grocery Division of Campbell Soup
Company. Before that, Mr. Young had a 14-year career with Tenneco
Energy, an integrated natural gas transporter and marketer, where he served in a
number of senior administrative and commercial management positions, including
Chief Information Officer and Executive Director of national
accounts. Mr. Young received a Bachelor of Science degree from
Louisiana State University.
As
previously announced, Comverge will host a conference call to discuss fourth
quarter and year end 2009 financial and operational results at 10:00 a.m. (EST)
on Monday, March 8, 2010. An earnings release will be issued at 7:00
a.m. (EST) on the same day, March 8, 2010, before the market
opens. To participate in the call, dial 800-289-0479 or 913-312-0658
for international participants.
Additionally,
the results will be reported in the Investor Relations section on Comverge's
website at http://ir.comverge.com. An audio replay of the call will be available
beginning March 8, 2010 at 1:00 p.m. and available until March 15, 2010 at 12:00
a.m. EST (midnight) by dialing in 888-203-1112 (719-457-0820 for international
participants) and using conference code number 7401577.
About
Comverge
Comverge,
with over 3,300 megawatts of clean energy capacity under management, is a
leading provider of clean energy solutions that improve grid reliability and
supply electric capacity on a more cost effective basis than conventional
alternatives by reducing base load and peak load energy consumption. For more
information, visit www.comverge.com.
For
Comverge Investors
This
release contains forward-looking statements that are made pursuant to the safe
harbor provisions of Section 21E of the Securities Exchange Act of 1934. These
forward looking statements include accelerating growth, obtaining profitability
and certain assumptions upon which such forward-looking statements are based.
The forward-looking statements in this release are not, and do not constitute
historical facts, do not constitute guarantees of future performance and involve
a number of factors that could cause actual results to differ materially,
including risks associated with Comverge's business involving our products, the
development and distribution of our products and related services, regulatory
changes, grid operator rule changes, economic and competitive factors, our key
strategic relationships, and other risks more fully described in our most
recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
Comverge assumes no obligation to update any forward-looking information
contained in this press release or with respect to the announcements described
herein.
For
Additional Information
Communication/
Media Relations
Kristin
Mastrandrea
Comverge,
Inc.
973-434-7157
kmastrandrea@comverge.com
Investor
Relations
Dan
Pfeffer
Comverge,
Inc.
678-802-8302
invest@comverge.com