Ballard Announces Senior Management Appointments

20 May 1999

Ballard Announces Senior Management Appointments

    VANCOUVER, BRITISH COLUMBIA--May 20, 1999--Ballard Power (TSE:BLD.) Ballard Power Systems announced today the appointment of Firoz Rasul as Chairman of the Board of Directors and Chief Executive Officer, and Layle K. (Kip) Smith as President and Chief Operating Officer. Dr. J. Fraser Mustard who has served as the Chairman of the Board of Directors for the last eighteen months is retiring as Chairman, and will continue to serve as a director for the coming year. All changes will be effective at the close of the Company's Annual Meeting of Shareholders in Vancouver today.
    In taking on his new responsibilities as Chairman, Firoz Rasul will build on the vision and leadership he has provided Ballard during the past 10 years and continue to provide Ballard with overall strategic leadership in his role as Chief Executive Officer. Kip Smith is adding the responsibilities of President to his current role as Chief Operating Officer, and will lead the Company's operations.
    Dr. Mustard will continue to serve on the Board of Directors until his retirement next year. Dr. Mustard has been a member of the Board of Directors since 1995 and has decided to retire from his Board duties next year as he has reached retirement age. As a result, Dr. Mustard and the Board of Directors agreed that Dr. Mustard continuing as a director while Mr. Rasul becomes Chairman this year would provide a smooth and orderly transition in the Chairman's role.
    "Dr. Mustard's vision and passion for fuel cells and the positive impact they can make on the world have been key factors in our success. He was instrumental in restructuring the Board of Directors and developing mandates for the Board and its committees for effective governance of the Company in its next stage of development," said Firoz Rasul, Chairman and Chief Executive Officer of Ballard Power Systems. "I want to thank Fraser for his commitment, leadership and dedication as Ballard's Chairman and for being my mentor and coach over the last five years. I look forward to his continued contribution."
    "It has been a tremendous honour for me to be Chairman of a world class organization like Ballard and contribute to the Company's success," said Dr. Mustard. "While we have made some tremendous strides, Ballard faces the challenge of bringing its fuel cell products to market over the next 5 years, which will require a strong visionary leader. Firoz is that leader, as he has proven over the last 10 years as the Company's Chief Executive Officer. I am proud to be turning over the Chairmanship to him and I am looking forward to remaining active with the Board over the coming year before I retire."
    Ballard Power Systems is the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane (PEM) fuel cells for use in transportation, electricity generation and portable products. Ballard Power Systems' proprietary fuel cell technology is enabling automobile, electrical equipment and portable power product manufacturers to develop environmentally clean products for sale. The fundamental component of these end-user products is the Ballard(R) fuel cell which combines hydrogen (which can be obtained from methanol, natural gas or petroleum) and oxygen (from air) without combustion to generate electricity. Ballard is partnering with strong, world-leading companies including DaimlerChrysler, Ford, GPU International, ALSTOM and EBARA to commercialize the Ballard fuel cell. Additional customers using the Ballard fuel cell include General Motors, Nissan, Honda, Volkswagen, Volvo, Matsushita Electric Works, and Cinergy.
    Ballard's Common shares are listed on The Toronto Stock Exchange under the trading symbol "BLD" and on the Nasdaq National Market System under the symbol "BLDP". Ballard and the Ballard logo are registered trademarks of Ballard Power Systems Inc.