Mark Morelli to take the helm at Energy Conversion Devices
In the early nineties, Bob Stempel was the chairman and CEO of General Motors when development work started in earnest on the car that would eventually become the EV1. Unfortunately for him, the company hit one of their periods of rough financial times and Stempel was ousted along with president Lloyd Reuss. Stempel landed on his feet and ended up moving over to Energy Conversion Devices, the company that was developing the batteries for the EV1. After twelve years as the CEO of ECD Ovonics, Stempel is getting ready to retire and the company has chosen his replacement. On Aug. 31, former United Technologies executive Mark Morelli will become President and CEO of ECD Ovonics while Stempel stays on a Chairman of the Board. ECD is involved in a variety alternative energy areas including solar power, solid state hydrogen storage and owning fifty percent of Cobasys.
[Source: ECD Ovonics]
Reader Comments (Page 1 of 1)
nwguy 9:50PM (8/04/2007)
Historical note: The "rough period" that led to the ouster of Stempel and Reuss was precipitated by the launch of the Caprice, and the discovery by a big shareholder that they were hiding losses from the corporate books.
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pedmac 4:30PM (8/06/2007)
anybody know whay mark morelli would be chosen for an alternative energy company?
seems the stock has not reacted well at his appointment . stock has been down over 5 pct since his announcement. hopefully he will turn things around for energy conversion devices.. hopefully they will have some good news at Cobasys as well
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