FORT COLLINS, Colo., Dec. 17 /PRNewswire-FirstCall/ -- Advanced Energy Industries, Inc. (Nasdaq: AEIS) today announced that the Board of Directors has appointed Yuval Wasserman as president effective January 1, 2010. Mr. Wasserman will continue to serve as COO, a position he has held since April 1, 2009. In addition to his existing responsibilities for worldwide business operations, Mr. Wasserman will assume responsibility for the next generation product and technology development.
Dr. Hans Betz will continue to serve as Advanced Energy's chief executive officer (CEO) and will focus on the long-term strategy of the company, including inorganic growth opportunities. This will allow a strong focus on new technologies and driving innovations to successfully position Advanced Energy in fast growing emerging markets, in particular the renewable energy opportunities.
"Yuval has done an outstanding job of leading our global operations, sales, service and marketing organizations," said Dr. Betz. "We believe he will be a great asset in this new role given his extensive experience, leadership capability and knowledge of the company. Yuval's appointment will allow us to place a strong focus on longer term growth opportunities as he will drive the day to day business while I will cover the strategic aspects of the business. This change comes at a crucial time as we pursue our highly dynamic markets, and continue our next phase of growth."
"I am honored by this promotion and I am excited to expand my responsibilities as president and help pave the way for Advanced Energy's new opportunities," added Mr. Wasserman. "Working with the rest of the team, I look forward to strengthening AE's position in our core markets and maximizing our potential in emerging markets."
Mr. Wasserman joined Advanced Energy in August 2007 as Senior Vice President, Sales, Marketing and Service, and was promoted in October 2007 to Executive Vice President, Sales, Marketing and Service. In April 2009 he became the company's Chief Operating Officer. Prior to joining Advanced Energy, he served as the president and chief executive officer of Tevet Process Control Technologies, Inc.
About Advanced Energy
Advanced Energy® is a global leader in innovative power and control technologies for high-growth, thin-film manufacturing and solar-power generation. Specifically, AE targets solar grid-tie inverters, solar cells, semiconductors, flat panel displays, data storage products, architectural glass and other advanced applications.
SOURCE Advanced Energy Industries, Inc.