Primary Energy Recycling announces changes to senior management team
OAK BROOK, IL, Jan. 31, 2013 /PRNewswire/ - Primary Energy Recycling Corporation (TSX: PRI), a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, today announced changes to its senior management team.
Mr. V. Michael Alverson, Primary Energy Recycling's Chief Financial Officer, has decided to retire later this year and, as a result, will step down from his position effective February 1, 2013. He will remain with the Company for an undetermined period to ensure a smooth transition of his responsibilities, which will be split between the new Chief Financial Officer and the Chief Commercial Officer (CCO), which is a newly created position at Primary Energy Recycling.
Mr. Alverson was one of the first Primary Energy Recycling employees when the Company was formed in the late-`80s. His leadership and his operational, financial and administrative skills have been invaluable to the business over the past 20 years. Mr. Alverson will remain available to the Company to assist with special projects on a case-by-case basis post retirement.
Mr. Joseph Powell has been promoted to Executive Vice President and Chief Financial Officer (CFO). He will be responsible for financial reporting and managerial accounting, tax matters, treasury management, human resources and other administrative matters. Mr. Powell was most recently the Company's Vice President and Chief Accounting Officer (CAO) and has been involved with Primary Energy Recycling since its 2005 initial public offering as a direct employee, and under the prior Management Agreement structure. Mr. Powell has a Bachelor of Science degree in Accounting from Indiana University, a Master of Business Administration from J.L. Kellogg School of Management, Northwestern University and is a Certified Public Accountant. His previous employment experience includes CFO responsibilities and approximately 17 years in the public accounting environment, including eight years in the audit practice at PricewaterhouseCoopers LLP.
Mr. Christopher Fanella has rejoined the Company as its Executive Vice President and Chief Commercial Officer. In this position, Mr. Fanella will be primarily responsible for financings, strategy, business development, investor relations, commercial contracts, business risk analysis and other administrative matters. Mr. Fanella worked for the Company beginning in 2001 and was integral in its 2005 initial public offering as its Vice President of Finance. In 2006, Mr. Fanella left the Company to lead the finance and merger and acquisition efforts of a private equity backed independent energy company. Mr. Fanella has a Bachelor of Science degree in Finance and Economics and graduated Summa Cum Laude from the University of Notre Dame.
"This is an important change for the Company and the seamless transition to new leadership will happen over the next several months," said Mr. John Prunkl, President and Chief Executive Officer of Primary Energy Recycling. "Mike's agreement to ensure a successful transition is greatly appreciated. Christopher is highly capable of managing complex corporate transactions, has strong analytical skills, is disciplined and patient. He has a wide breadth of knowledge and has numerous relationships throughout the independent energy sector and financial markets. Joe has done an outstanding job with the Company's financial reporting, accounting and tax matters and is well prepared to expand his responsibilities. The Board of Directors joins me in thanking Mike for his many years of dedicated service and contributions to the Company."
In keeping with Primary Energy's lean management philosophy, post transition management head count will remain unchanged. The senior management team remains committed to maintaining a moderately conservative and balanced Company strategy that maximizes long term shareholder return.
About Primary Energy Recycling Corporation
Primary Energy Recycling Corporation, headquartered in Oak Brook, Illinois, owns and operates four recycled energy projects and a 50 per cent interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 293 megawatts and a combined steam generating capacity of 1.8M lbs/hour. Primary Energy Recycling Corporation creates value for its customers by capturing and recycling waste energy from industrial and electric generation processes and converting it into reliable and economical electricity and thermal energy for resale back to its customers. For more information, please see www.primaryenergy.com.
SOURCE Primary Energy Recycling Corporation