ECD Moves Toward Independent Board With Resignation of Four Directors
ROCHESTER HILLS, Mich., Sept. 2 -- Energy Conversion Devices, Inc. (ECD) today reported that four of its directors, Donald L. Paul, Greg M. Vesey, Hellmut Fritzsche and Subhash K. Dhar, have resigned from the Board of Directors of ECD.
ECD is moving toward compliance with the heightened independent standards for members of boards of directors provided in the Sarbanes-Oxley Act passed just over a year ago, as well as satisfying the independent directors' requirements under proposed NASDAQ rules.
"We have started to adjust the membership of our Board of Directors so that we will comply with the requirement to have a majority of independent directors on the Board," said Robert C. Stempel, Chairman of ECD.
Both Messrs. Paul and Vesey have been the designated nominees of ChevronTexaco Corporation (ChevronTexaco) and have served on ECD's Board of Directors since 2001. Don Paul is Vice President and Chief Technology Officer of ChevronTexaco. Reporting to Mr. Paul, Greg Vesey is President of ChevronTexaco Technology Ventures with management and budget responsibilities for Texaco Ovonic Battery Systems LLC, a 50-50 joint venture between a unit of ChevronTexaco and Ovonic Battery Company, a subsidiary of ECD, and for Texaco Ovonic Hydrogen Systems, a 50-50 joint venture between a unit of ChevronTexaco and ECD.
The departure of Messrs. Paul and Vesey from ECD's Board will permit them to participate more actively in the affairs of the joint ventures and matters related to ECD which otherwise were limited due to their relationship to ChevronTexaco and their status as non-independent members of ECD's Board.
Dr. Hellmut Fritzsche is Vice President of ECD and a long-time collaborator with Stanford R. Ovshinsky, President and CEO of ECD, in the field of amorphous materials. Dr. Fritzsche is the former chairman of the Department of Physics at the University of Chicago. He has been a member of the Board of ECD since 1969.
Mr. Subhash Dhar is President of the Ovonic Battery Company. He has worked closely with Stan Ovshinsky on the development of the Ovonic(TM) nickel-metal hydride battery and the Ovonic(TM) regenerative fuel cell. He has been a member of the Board since 1999.
Dr. Fritzsche and Mr. Dhar, in their respective positions as Vice President of ECD and President of Ovonic Battery Company, will continue to provide significant contributions as valued members of ECD's management team.
About ECD
ECD is the leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has invented, pioneered and developed enabling technologies leading to new products and production processes based on amorphous, disordered and related materials, with an emphasis on advanced information technologies and alternative energy, including photovoltaics, fuel cells, hydride batteries and hydride storage materials capable of storing hydrogen in the solid state for use as a feedstock for fuel cells or internal combustion engines or as an enhancement or replacement for any type of hydrocarbon fuel. 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. ECD's website address is 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 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.