Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”), a
leading provider of tracker solutions and services for the
utility-scale solar energy industry, today announced that Kevin
Hostetler has been appointed Chief Executive Officer, effective
April 18, 2022. Mr. Hostetler will also join Array’s Board of
Directors. He succeeds Jim Fusaro, who previously announced his
intention to retire by the end of the year.
Mr. Hostetler brings a track record of leadership excellence,
having transformed multiple engineered products and services
companies throughout his career. For the last four years, Mr.
Hostetler served as Chief Executive Officer at Rotork, a FTSE 250
company, where he led the company’s Growth Acceleration Program
which drove improved margins, capital efficiency and commercial
excellence.
“We are excited to welcome Kevin as Chief Executive Officer to
lead Array through its next phase of growth,” said Brad Forth,
Chairman of Array Technologies. “Over the past few years, the Array
team, led by Jim Fusaro, built a strong foundation which doubled
the size of our business. As we look toward the future under
Kevin’s leadership, Array will focus on executing on our long-term
strategic initiatives and integrating the STI Norland business.
Given his immense experience in senior leadership roles, we are
confident Kevin can lead Array to growth and operational excellence
for the foreseeable future.”
“Array Technologies is a company that I have admired for some
time now,” Mr. Hostetler said. “Array is a great intersection of my
deep experience in engineered products and actuation, and my
passion for the environment. Array’s innovative products are key to
important constituents across the solar industry. As rapid
expansion and increased demand for utility-scale solar has taken
place, Array has truly made a difference by helping its customers
optimally harness the power of the sun. I look forward to working
with our talented teams around the world to bring us closer to the
future of solar and helping our planet decarbonize along the
way.”
Prior to joining Rotork in 2018, Mr. Hostetler served as Chief
Executive Officer of FDH Infrastructure Services, leading the
engineering and construction services provider through a series of
acquisitions to support improvement of aging critical
infrastructure, such as bridges, dams, and transmission towers. He
was Executive Advisor to Wind Point Partners, a private equity firm
focused on growth capital investments and leveraged buyouts in
middle-market companies. He held ascending leadership roles over
seven years at IDEX Corporation, where he served as an officer of
the company and the Group President of the of the Fluid and
Metering Technologies Segment and IDEX Asia, which includes
operating platforms in energy, water, chemical, food and
agriculture. Mr. Hostetler also spent seven years at Ingersoll Rand
in progressive P&L leadership and business development roles
within the Industrial Technologies Segment.
Mr. Forth added, “On behalf of the Board of Directors, I’d like
to thank Jim for his leadership and steady hand as he guided Array
through a period of rapid growth and global market expansion. He
was instrumental in leading Array through important milestones
including the development of our SmarTrack™ software solution, our
initial public offering and the acquisition of STI Norland, among
many other achievements. Jim also prioritized people, fostering a
culture of innovation that will remain core to Array’s
identity.”
“It has been an honor to serve as Array’s CEO at a time when
renewable energy, and solar in particular, are being embraced more
than ever before,” said Jim Fusaro. “I believe Array is incredibly
well-positioned to be a leading force behind the energy transition
to renewables and I have great confidence in the company’s growth
prospects under Kevin’s leadership. I would like to thank my
colleagues and fellow Board members for their outstanding
contributions to the organization throughout my tenure. I am
committed to facilitating a smooth transition and ensuring the
team’s continued success.”
About Array Technologies, Inc.
Array Technologies (NASDAQ: ARRY) is a leading American company
and global provider of utility-scale solar tracker technology.
Engineered to withstand the harshest conditions on the planet,
Array’s high-quality solar trackers and sophisticated software
maximize energy production, accelerating the adoption of
cost-effective and sustainable energy. Founded and headquartered in
the United States, Array relies on its diversified global supply
chain and customer-centric approach to deliver, commission and
support solar energy developments around the world, lighting the
way to a brighter, smarter future for clean energy. For more news
and information on Array, please visit arraytechinc.com.
Forward Looking Statements
This press release contains forward looking statements including
statements about the Company’s leadership transition and continued
integration of STI Norland. These statements are not historical
facts but rather are based on the Company's current expectations
and projections regarding its business, operations and other
factors relating thereto. Words such as "may," "will," "could,"
"would," "should," "anticipate," "predict," "potential,"
"continue," "expects," "intends," "plans," "projects," "believes,"
"estimates" and similar expressions are used to identify these
forward looking statements. These statements are only predictions
and as such are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict,
including but are not limited to, changes in domestic and foreign
business, market, financial, political and legal conditions; the
inability of the Company to successfully or timely consummate the
proposed transaction with STI Norland, including the risk that any
required regulatory approvals are not obtained, are delayed or are
subject to unanticipated conditions that could adversely affect the
combined company or the expected benefits of the proposed
transaction; risks relating to the uncertainty of the projected
financial information with respect to STI Norland; risks related to
the timing and achievement of expected business milestones; the
risk that the proposed transactions disrupts current plans and
operations of Array and STI Norland as a result of the announcement
and consummation of the proposed transaction; the ability to
recognize the anticipated benefits of the proposed transaction,
which may be affected by, among other things, competition, the
ability of the combined company to grow and manage growth
profitably, maintain relationships with customers and retain its
management and key employees; and risks relating to STI Norland’s
intellectual property portfolio. Actual results may differ
materially from those in the forward looking statements as a result
of a number of factors. There may be additional risks that the
Company does not presently know or that the Company currently
believes are immaterial that could also cause actual results to
differ from those contained in the forward-looking statements. In
addition, forward-looking statements reflect the Company’s
expectations, plans or forecasts of future events and views only as
of the date of this press release. The Company anticipates that
subsequent events and developments will cause its assessments to
change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
Media Contact: Laurie
Steinberg 845-558-6370 lsteinberg@soleburytrout.com
Investor Relations
Contact: 505-437-0010 investors@arraytechinc.com
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