CEO Mariano Costamagna Announces Plans to Retire by Year-End 2015
April 27 2015 - 6:30AM
Mariano Costamagna, CEO of Fuel Systems Solutions, Inc.
(Nasdaq:FSYS) announced today that he plans to retire from this
position by the end of 2015 after ten years of service to the
Company. The Board has appointed a search committee to commence a
search for a new CEO. To facilitate an orderly transition process,
Mr. Costamagna will continue to serve until a successor is named
and the CEO transition is complete. Mr. Costamagna will continue to
serve as a member of the board of directors.
Mr. Costamagna has enjoyed a career of nearly 40 years as a
leader in alternative fuel systems.
James W. Nall, Chairman of the Board, stated, "Mariano's vision
spearheaded technological innovation in alternative fuel, helping
to build Fuel Systems Solutions into a multi-brand entity
recognized around the world as providing dozens of OEM's and
millions of aftermarket users unmatched solutions for their power
needs. We are deeply grateful for his contribution building the
Company as a market leader with an enduring legacy."
Andrea Alghisi from AP Services, LLC, an affiliate of
AlixPartners, is assuming the role of interim COO, effective
immediately. Mr. Alghisi brings over 20 years of professional
experience dedicated to leading turnaround, performance improvement
and growth strategy programs in the automotive and industrial goods
industries. In his capacity at AlixPartners, Mr. Alghisi has been
directing the restructuring outlined in the Company's fourth
quarter 2014 press release and conference call, and his duties will
focus on this mandate. Mr. Alghisi commented, "I am excited about
the tremendous opportunities to help improve operations as a member
of the Fuel Systems team."
Mr. Costamagna stated, "Andrea is an effective operating and
turnaround executive who has led the implementation of our current
action program. We welcome him to Fuel Systems and look forward to
his completing this crucial task."
Additionally, the Company has engaged J P Morgan Securities LLC
as its financial advisor in connection with its review of strategic
alternatives. The Strategic Oversight Committee continues its
evaluation of value creating options for Fuel Systems
stockholders.
Forward-looking Statements
This press release contains certain forward-looking statements
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
not historical facts, but instead involve known and unknown risks,
uncertainties and other factors that may cause our Company's actual
results, levels of activity, performance or achievements to be
materially different from the information expressed or implied by
these forward looking statements. Statements in this press release
that are not historical facts are hereby identified as
"forward-looking statements" for the purpose of the safe harbor
provided by Section 21E of the Securities Exchange Act of 1934, as
amended, and Section 27A of the Securities Act of 1933, as amended.
Words such as: "may," "will," "would," "should," "could," "expect,"
"anticipate," "intend," "plan," "anticipate," "believe,"
"estimate," "predict," "potential," "continue," "seeks," "on-going"
or the negative of these terms or other comparable terminology
often identify forward-looking statements, although not all
forward-looking statements contain these words. You should consider
statements that contain these words carefully because they describe
our expectations, plans, strategies and goals and beliefs
concerning future business conditions, our results of operations,
financial position and our business outlook, or state other
"forward-looking" information based on currently available
information. There are a number of important factors that could
cause actual results to differ materially from the results
anticipated by these forward-looking statements. These risks and
uncertainties and certain other factors which may impact our
continuing business financial condition or results of operations,
or which may cause actual results to differ from such
forward-looking statements, include, but are not limited to, the
unpredictable nature of the developing alternative fuel U.S.
automotive market, customer dissatisfaction with our products or
services, the inability to deliver our products on schedule, a
further slowing of economic activity, our ability to maintain
customer program relationships, our ability to achieve the
anticipated benefits in connection with the Company's cost-cutting
initiatives and restructuring plan, potential changes in tax
policies and government incentives and their effect on the economic
benefits of our products to consumers, the continued weakness in
financial and credit markets of certain countries, the growth of
non-gaseous alternative fuel products and other new technologies,
the price differential between alternative gaseous fuels and
gasoline, and the repeal or implementation of government
regulations relating to reducing vehicle emissions, economic
uncertainties caused by political instability in certain of the
markets we do business in, the impact of the Argentinean debt
crisis on our business, our ability to realign costs with current
market conditions, as well as the risks and uncertainties included
in our Annual Report on Form 10-K for the year ended December 31,
2014 and our other periodic reports filed with the SEC. These
forward-looking statements are not guarantees of future
performance. We cannot assure you that the forward-looking
statements in this press release will prove to be accurate.
Furthermore, if our forward-looking statements prove to be
inaccurate, the inaccuracy may be material. In light of the
significant uncertainties in these forward-looking statements, you
should not place undue reliance on these forward looking
statements. The forward-looking statements made in this press
release relate to events and state our beliefs, intent and our view
of future events only as of the date of this press release. We
undertake no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events.
About Fuel Systems Solutions
Fuel Systems Solutions (Nasdaq:FSYS) is a leading designer,
manufacturer and supplier of proven, cost-effective alternative
fuel components and systems for use in transportation and
industrial applications. Fuel Systems' components and systems
control the pressure and flow of gaseous alternative fuels, such as
propane and natural gas, used in internal combustion engines. These
components and systems feature the Company's advanced fuel system
technologies, which improve efficiency, enhance power output and
reduce emissions by electronically sensing and regulating the
proper proportion of fuel and air required by the internal
combustion engine. In addition to the components and systems,
the Company provides engineering and systems integration services
to address unique customer requirements for performance, durability
and configuration. Additional information is available at
www.fuelsystemssolutions.com.
CONTACT: Company Contact:
Pietro Bersani, Chief Financial Officer, Fuel Systems Solutions, Inc.
(646) 502-7170
Investor Relations Contacts:
LHA
Carolyn M. Capaccio
ccapaccio@lhai.com
Cathy Mattison
cmattison@lhai.com (415) 433-3777
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