Advanced Energy Industries Announces CEO Transition
June 02 2014 - 4:05PM
Advanced Energy Industries, Inc. (Nasdaq:AEIS), a leader in
precision power conversion, today announced that after nearly three
years at the helm, Garry Rogerson has decided to step down from his
role as chief executive officer. Until a successor is identified,
Garry will continue to lead the strong management team at Advanced
Energy.
"Having made enormous strides on our strategic plan to drive
revenue growth, expand margins and increase cash generation, I
believe this is a great time to begin a new chapter—both for our
company and for me," said Garry Rogerson, CEO of Advanced Energy.
"I am incredibly proud of the team and all that we have
accomplished in redefining Advanced Energy as a leader across a
growing number of applications and geographies and driving
increased growth and profitability. I believe the company is well
positioned for continued success, and the time is right for us to
search for my successor. Until my replacement is found, we will
continue to focus on the strategic objectives laid out at our
analyst day in November."
"Under Garry's leadership, the company has established a
successful business model, maintained a strong balance sheet,
broadened its product portfolio and integrated multiple
acquisitions. We look forward to building on this strong foundation
as we seek to expand our opportunities for increased growth and
profitability going forward," said Richard Beck, chairman of the
board of directors of Advanced Energy.
About Advanced Energy
Advanced Energy (Nasdaq:AEIS) is a global leader in innovative
power and control technologies for high-growth, precision power
conversion solutions. 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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Exchange Act of 1934,
including, but not limited to, statements regarding the leadership
transition plan and focus on the strategic plan. These
forward-looking statements are based on Advanced Energy's current
assumptions, expectations and beliefs and involve substantial risks
and uncertainties that may cause results, performance or
achievement to materially differ from those expressed or implied by
these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to: the
Company's ability to identify and hire a highly qualified Chief
Executive Officer, cooperation by the parties during the process,
potential disruption to the Company's operations and management
that could result from the transition, changes in the markets we
serve, and changes in global or regional economic conditions. 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. These reports and statements are available on the SEC's
website at www.sec.gov. Copies may also be obtained from Advanced
Energy's website at www.advancedenergy.com or by contacting
Advanced Energy's investor relations at 970-221-0108.
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.
CONTACT: Danny Herron
Advanced Energy Industries, Inc.
970.407.6570
danny.herron@aei.com
Annie Leschin
Advanced Energy Industries, Inc.
415.775.1788
ir@aei.com
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