Advanced Energy Announces Departure of Chief Financial Officer; Appoints Interim CFO
December 28 2017 - 4:05PM
Advanced Energy Industries, Inc. (Nasdaq:AEIS) today announced that
Thomas Liguori, Executive Vice President and Chief Financial
Officer, is resigning effective January 26, 2018 to pursue another
opportunity. Tom McGimpsey, currently Executive Vice President and
General Counsel, will assume the additional role of CFO on an
interim basis. Mr. McGimpsey has been with Advanced Energy for 8
years and has worked closely with Mr. Liguori. Mr. Liguori will
assist in the transition of responsibilities until his departure
date while the company conducts a formal search for a new CFO.
There are no issues involving the Company’s financial
statements, internal controls or financial reporting procedures
that led to Mr. Liguori’s departure.
“After much consideration, I have made the decision to leave
Advanced Energy to pursue a career opportunity,” said Mr. Liguori.
“I want to thank Yuval for the opportunity to serve as his CFO. It
has been a pleasure to be part of the Advanced Energy team and I
wish them continued success in the future.”
Yuval Wasserman, President and Chief Executive Officer of
Advanced Energy, commented, “On behalf of everyone at Advanced
Energy, I’d like to thank Tom for his contributions during his
tenure and wish him the very best in his new position.”
About Advanced Energy
Advanced Energy (NASDAQ:AEIS) is a global leader in innovative
power and control technologies for high-growth, precision power
solutions for thin films processes and industrial applications.
Advanced Energy is headquartered in Fort Collins, Colorado, with
dedicated support and service locations around the world. For more
information, go to www.advanced-energy.com.
Advanced Energy and the Advanced Energy logo are trademarks of
Advanced Energy Industries, Inc. or one of its Affiliates in the
United States and elsewhere.
For more information, contact:
Thomas
McGimpseyAdvanced Energy Industries, Inc.(970)
407-6326tom.mcgimpsey@aei.com |
Annie LeschinAdvanced
Energy Industries, Inc.(970) 407-6555ir@aei.com |
Forward-Looking Statements
The statements made herein that are not historical information
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements are subject to
known and unknown risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such statements. Such risks and uncertainties include, but are not
limited to: (a) the effects of global macroeconomic conditions upon
demand for our products and services; (b) the volatility and
cyclicality of the industries the company serves, particularly the
semiconductor industry; (c) delays in capital spending by end-users
in our served markets; (d) the accuracy of the company’s estimates
related to fulfilling solar inverter product warranty and
post-warranty obligations; (e) the company’s ability to realize its
plan to avoid additional costs after the solar inverter wind-down;
(f) the accuracy of the company's assumptions on which its
financial statement projections are based; (g) the impact of
product price changes, which may result from a variety of factors;
(h) the timing of orders received from customers; (i) the company’s
ability to realize benefits from cost improvement efforts including
avoided costs, restructuring plans and inorganic growth; (j) the
company’s ability to obtain in a timely manner the materials
necessary to manufacture its products; and (k) unanticipated
changes to management's estimates, reserves or allowances. These
and other risks are described in Advanced Energy's Form 10-K, Forms
10-Q and other reports and statements filed with the Securities and
Exchange Commission (the “SEC”). These reports and statements are
available on the SEC's website at www.sec.gov. Copies may also be
obtained from Advanced Energy's investor relations page at
http://ir.advanced-energy.com or by contacting Advanced Energy's
investor relations at 970-407-6555. Forward-looking statements are
made and based on information available to the company on the date
of this press release. The company assumes no obligation to update
the information in this press release.
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