GridPoint Appoints Former Berkshire Hathaway Executive Todd Raba Chief Executive Officer
Seasoned leader tapped to capitalize on enterprise energy management market growth
ARLINGTON, Va., Oct. 17, 2013 /PRNewswire/ -- GridPoint, Inc., a recognized leader in energy management and sustainability solutions that help customers maximize operational and energy savings, today appointed Board of Directors member Todd M. Raba as Chief Executive Officer to scale the business in its next phase of growth. Mr. Raba brings over 30 years of experience leading large, highly competitive organizations, including two Berkshire Hathaway Inc. companies: Johns Manville, where as Chairman he reported directly to Warren Buffett, and MidAmerican Energy Company.
"Todd's expertise in the energy and building industries as well as his experience in managing large organizations make him the ideal executive to lead GridPoint's next phase in this rapidly growing market," said Peter L. Corsell, founder and Chairman of the Board of Directors. "As a board member, Todd has already provided an invaluable contribution to our strategic direction. In his role as CEO, Todd will bring his deep operational experience to execute our vision and will strengthen GridPoint's leadership position in the market."
Most recently, Mr. Raba held the position of Chairman, President, and Chief Executive Officer of the Johns Manville Company, a leading global manufacturer and marketer of premium-quality building products. During his tenure, Mr. Raba maintained the company's financial success during the recent housing collapse and resulting recession and oversaw 44 manufacturing facilities located throughout North America, Europe, and China.
Mr. Raba also served as President of the MidAmerican Energy Company, Iowa's largest electric and gas utility. While at MidAmerican, Mr. Raba significantly grew revenues by expanding generation capacity with large investments in renewable wind technology, a new traditional energy power plant, and high-voltage transmission infrastructure.
"I'm incredibly excited to take on the CEO role at GridPoint," said Mr. Raba. "GridPoint's Energy Management Systems are unparalleled in the industry and offer significant energy savings and return on investment. With my experience at organizations on both sides of the energy equation, as a large producer of energy as well as a large consumer of energy, I see GridPoint as uniquely positioned to help its customers address their energy challenges, today and in the future. This market is ripe for innovative leadership, and GridPoint is at the forefront."
GridPoint's Energy Management Systems (EMS), utilizing big data analytics, can generate savings of up to 30% and deliver an investment payback of 18-36 months. With GridPoint's comprehensive portfolio of intelligent, real-time control, asset-level submetering and monitoring, cloud-based software, and services, enterprises are able to reduce energy consumption, meet sustainability goals, improve operational efficiency, and optimize capital utilization.
According to Zpryme Smart Grid Insights, the global market for energy management systems totaled $1.7 billion in 2012, with North America accounting for 40% of the demand. Zpryme forecasts an annualized market growth rate of 25% through 2020, rising almost six-fold to reach $9.98 billion.
GridPoint has gained recent recognition from industry analysts for its unique energy management solution and market successes. In September, Frost & Sullivan, a global market research and analysis firm, recognized GridPoint with the 2013 Customer Value Leadership Award for Building Energy Management Solutions stating, "The EMS industry is currently marked by a fragmented competitive landscape of product providers that lack a solution-driven approach to meeting customer requirements. GridPoint, in this regard, truly outpaces its competitors."
In July's "2013 Enterprise Smart Grid and a Corporate Buyer's Guide for Energy Management Software," Groom Energy, an energy solutions consultancy for U.S. corporations, named GridPoint a Top 10 Enterprise Smart Grid Leader out of 200 firms "based on the strength and vision of the product, financial stability of the company, financial payback of the solution, number of customers, and sales momentum."
With new executive leadership established, GridPoint also announced that John Spirtos will be leaving the company and its Board of Directors. "We thank John for his contribution to GridPoint, and we wish him the best in his future endeavors," said Corsell.
GridPoint is an established leader in smart energy solutions, providing Fortune 1000 enterprises, government agencies and utilities with the tools to implement and maintain sustainable energy management practices that improve operational efficiency and maximize energy savings.
With over 12,000 energy management and solar energy systems installed across the U.S., Canada, and Europe, GridPoint's U.S. customer base includes 4 of the top 10 casual dining restaurant chains, 7 of the top 20 quick serve restaurants, 3 of the top 20 convenience store growth chains, and 7 of the top 10 retailers.
Founded in 2003, GridPoint is headquartered in Arlington, Virginia, with offices in Austin, Texas; Roanoke, Virginia; and Seattle, Washington. For more information, visit the company's website at www.gridpoint.com.
Courtenay Godshall, GridPoint, Inc.
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