Energy Conversion Devices Initiates Succession Plan

Energy Conversion Devices, Inc. (ECD Ovonics), a leader in the development of advanced production technology and alternative energy products, earlier announced the first in a series of management strategies in accordance the company's succession plan.

ECD Ovonics said it has formed a committee to develop a succession plan for its management team, including Chief Executive Robert Stempel. The company added that the succession plan also includes Chief Operating Officer James Metzger and other senior officers and managers. It has retained the executive search firm Heidrick & Struggles whom they would be consulting on this process.

At the request of Stanford R. Ovshinsky, president and chief scientist and technologist, his duties and responsibilities has been relinquished to give chance to others. Nonetheless, Ovshinsky said that he will devote his full energy and intellect to the further development of the science and application of amorphous and disordered materials in the fields of energy and information technologies. Stanford Ovshinsky, along with his wife Iris, is a co-founder of the company. Ovshinsky will remain an active member of ECD Ovonics' Board of Directors and contribute on strategic and technical issues as Founder and Chief Scientist and Technologist.

James R. Metzger, formerly the Executive Vice President and Chief Operating Officer, has been appointed as interim president and chief operating officer of ECD Ovonics and will lead the development and execution of the its operating plans.

Contemplating on nearly 50 years of technological progress of the company, Ovshinsky said, "When we formed the company, Iris and I wanted to use science and technology to solve serious societal problems. It is wonderful to see the inventions developed by Iris and me at ECD Ovonics become commercially viable so that people around the world can enjoy their benefits. We've built a solid foundation for the next generation of leaders at ECD Ovonics."

"Stan has made an indelible mark not only on ECD Ovonics but also on science and technology generally, and we look forward to his continuing contributions in this new capacity. With Jim now responsible for all of our day-to-day operations, in addition to operational planning, the Board of Directors and I intend to focus on the forward strategic and succession plans as we continue our drive to commercial success and enhanced returns for shareholders," said Chairman and CEO Robert C. Stempel.

ECD Ovonics is famed for its alternative energy solutions portfolio that features the latest advances in solar electric power generation, NiMH batteries, fuel cell, solid hydride storage, and phase-change memory technologies. These solutions are aimed to boost not just the automotive electrical in particular but other applications as well.

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