Exide Appoints Craig H. Muhlhauser as President and Chief Operating Officer, Kevin R. Morano as Chief Financial Officer
23 May 2000
Exide Appoints Craig H. Muhlhauser as President and Chief Operating Officer, Kevin R. Morano as Chief Financial Officer
READING, Pa., May 23 Exide Corporation , the
global leader in the lead-acid battery business and electric-energy-storage
solutions, announced today it has appointed Craig H. Muhlhauser as President
and Chief Operating Officer and Kevin R. Morano as chief financial officer.
The two new executives report to Chairman and Chief Executive Officer
Robert A. Lutz and will join him in the newly created Office of the Chairman
(OTC).
"We will meet almost daily to make rapid, informed decisions," explained
Lutz. "The OTC framework means information from either operations or finance
will be discussed by all three of the company's most senior executives prior
to a decision. And this structure means everyone, from employees to
customers, should realize that a decision coming from any one of us has been
discussed by the three of us."
Muhlhauser, responsible for Exide's global business, was most recently
vice president, Ford Motor Company and President of Visteon Corporation, with
direct leadership responsibility for a $19 billion global business with
operations in 21 countries.
"We are fortunate to have someone with Craig's business acumen and
leadership strength join the Exide team. His enthusiasm at the chance to lead
Exide operations is reflective of the progress we've made as a company and the
promise clearly evident in our future," Lutz said.
Prior to joining Visteon, Muhlhauser, 51, garnered important global
operational and marketing expertise, with senior leadership positions at
United Technologies, Asea Brown Boveri (ABB), Lucas Industries and General
Electric.
"I am greatly impressed with the accomplishments of Exide in the
relatively short period Bob Lutz has run the company and I see this as a
tremendous opportunity to contribute to the growth and profitability of a
global market leader," Muhlhauser said.
Muhlhauser has a Bachelor of Science degree in aerospace engineering and a
Master of Science degree in mechanical engineering, both from the University
of Cincinnati. He will work from the company's corporate headquarters in
Reading.
Joining Muhlhauser on the restructured management team is Morano, 46,
appointed executive vice president, chief financial officer.
Morano will be responsible for all of Exide's global financial operations.
He succeeds James M. Diasio, who has left the company to pursue other
opportunities.
Morano was most recently President and Chief Operating Officer of ASARCO,
a $3 billion international copper mining, specialty chemicals and aggregates
producer that was acquired by Grupo Mexico in November 1999.
"We are pleased to add a chief financial officer who, in addition to an
outstanding financial background, has a wealth of operating experience. I
would also like to thank Jim Diasio for his efforts on Exide's behalf during
the time we have worked together," Lutz said.
Prior to his ASARCO promotion to President and Chief Operating Officer,
Morano served that company as executive vice president/chief financial officer
for six years. He also previously served as general manager of ASARCO's
largest operation and the company's Treasurer.
He is a certified public accountant and has experience with the accounting
firm formerly known as Coopers & Lybrand. He will also work from the
company's corporate headquarters here.
"I am pleased to be joining a company with the market leadership and
global vision of Exide. I am excited about joining Bob Lutz and his new
management team as we work on improving Exide's performance and building
shareholder value," Morano said.
Morano has a Bachelor of Science degree from Drexel University and an MBA
from Rider University.
As announced earlier, Exide has recently strengthened its management team
by organizing its businesses into global units, cutting across geographic
boundaries for a more customer-focused approach.
Exide's global business units and the executives who operate them are:
1. Emerging Technologies (electric storage solutions and new technologies
including innovative spiral wound and dual graphite):
Managed by David Smith, Vice President, New Technology; Ann Arbor,
Michigan.
2. Transportation: Original Equipment (including batteries for cars,
trucks, off-road vehicles, agricultural and construction vehicles,
motorcycles, recreational boats and other similar applications):
Managed by Ronald Gardhouse, Executive Vice President,
Transportation OE; Madrid, Spain.
3. Transportation: Aftermarket (automotive batteries for aftermarket
channels)
Managed by Bo Lindvall, Vice President, Aftermarket; Nol, Sweden.
4. Standby (back-up power applications including stationary energy
storage and telecommunications):
Managed by Dr. Albrecht Leuschner, Executive Vice President,
Standby; Budigen, Germany.
5. Motive Power (forklifts, electric vehicles and material handling
equipment):
Managed by Neil Bright, Executive Vice President, Motive Power;
Bolton, United Kingdom.
6. Military (products for military customers around the world):
Managed by James S. B. Chew, vice president, Military, Reading,
Pennsylvania.
Exide Corporation, with annual revenues of approximately $2.2 billion and
operations in 23 countries, is the world's largest manufacturer of automotive
and industrial lead-acid batteries and a leader in electric storage solutions.
Further information about Exide's businesses and products is available at
http://www.exideworld.com.