FJC Fedders

Fedders Board Elects Michael Giordano, President; Robert L. Laurent, Jr., Executive Vice President, Finance and Acquisitions and Chief Financial Officer; Michael B. Etter, President, Fedders Global Sourcing Solutions; Additional Changes Support Company's Transformation LIBERTY CORNER, N.J., Nov. 1 /PRNewswire-FirstCall/ -- Fedders Corporation (NYSE:FJC), a leading global manufacturer of air treatment products, including air conditioners, air cleaners, dehumidifiers and humidifiers and thermal technology products, today announced changes to the structure of its management team. As part of its continuing transformation from a company solely focused on the North American room air conditioner market to a diverse, multinational organization focused on the broader air treatment industry, the Company is implementing the following changes. Michael Giordano, formerly Executive Vice President, Finance and Administration and Chief Financial Officer, is elected President of Fedders Corporation with operating responsibility for Fedders International, Fedders Engineered Products and Global Design Engineering. Giordano joined Fedders in 1990 and has held numerous domestic and international positions that make him extremely well suited for his important new role. Robert L. Laurent, Jr., formerly Executive Vice President, Acquisitions and Alliances, and previously Chief Financial Officer for ten years, is elected Executive Vice President, Finance and Acquisitions and Chief Financial Officer. He has managed the acquisition and alliances effort over the past six years that has transformed the company into a leading global player. Michael B. Etter is elected President of a new strategic business unit, Fedders Global Sourcing Solutions, which will leverage Fedders' expertise in global sourcing and Asian manufacturing to assist other manufacturers in developing Asian suppliers, conducting reverse internet auctions and producing their products in Fedders' extensive China manufacturing facilities. Fedders Global Sourcing Solutions will also help clients to set up call centers at Fedders' locations in China, India and the Philippines and will provide consulting services to companies wanting to develop in-house capabilities in any of the above areas. Etter, formerly President and prior to that Chief Executive Officer of Fedders Air Conditioning, is credited in large part with the success of the company's exceptional global sourcing program, which makes him uniquely qualified to head up this new business unit. Kent E. Hansen is elected Executive Vice President, Administration and Secretary and will continue oversight of the human resources and legal departments as well as other administrative functions including real estate and insurance. Hansen's expertise will continue to be invaluable as the company strengthens its global position. Rick Essex is promoted to President, Fedders International with responsibility for the sales and marketing of the company's products in markets outside of the United States and Canada. Essex joined Fedders in 2001 and became Vice President, International in 2003. He is located at the company's international headquarters in Shanghai and has assembled an outstanding global team. Dr. C.P. Ho is promoted to President, Fedders Indoor Air Quality with responsibility for the Trion and Envirco business units within the company's Engineered Products segment. Ho joined the company's Trion business unit in 1983 and became Vice President, Engineered Products in 2003. His technical expertise has contributed substantially to that operation as it has extended its reach into the international market for air cleaners with a manufacturing facility in Suzhou, China. Chuck Weber is promoted to President, Melcor Corporation, the company's business unit within the Engineered Products segment that manufactures and markets thermal technology products. Previously Vice President, Finance for Melcor, Weber has been instrumental in the development of Melcor as it has expanded operations into the global market, including a manufacturing operation in Quangzhou, China. Warren Emley is promoted to Senior Vice President, Operations- Fedders International with responsibility for oversight of manufacturing and quality- related activities outside of the United States and Canada. Located in the company's international headquarters in China, Emley, most recently Vice President, Manufacturing- HVACR has held numerous positions of increasing responsibility since joining the company in 1992 and is perfectly suited to head the company's operations and quality-related activities. Nancy DiGiovanni, Treasurer is assuming additional responsibility for Financial Services and is promoted to Vice President and Treasurer with responsibility for all global treasury and financial services activities. DiGiovanni joined Fedders in 1969 and became Treasurer in 1998. She has been instrumental in effectively managing the company's global Treasury activities and banking relationships. Greg Ottalagano is promoted to Vice President, Customer Service for Residential HVAC with responsibility for logistics, distribution, order entry, parts and service. With the company since 1990, Ottalagano has most recently served as Director, Financial Services since 1998. In addition to the above changes, the company will reorganize the U.S. and Canadian portion of its HVACR business segment into two units, Fedders Residential HVAC Products and Fedders Commercial HVAC Products. Each unit will be lead by a to-be-named President. Commenting on the organizational changes, Fedders Chairman and Chief Executive Officer, Sal Giordano, Jr. stated, "The realignment of these responsibilities within the management team takes full advantage of each team member's strengths to support the company's growth going forward." On the new Fedders Global Sourcing Solutions business unit, Mr. Giordano, Jr. added, "This is an extremely exciting venture for us. Fedders Global Sourcing Solutions is our first external services-oriented business and, while capitalizing on our most significant core competencies, it will serve to further diversify the company's sales and earnings, in line with our strategic objectives." This news release includes forward-looking statements that are covered under the "Safe-Harbor" clause of the Private Securities Litigation Reform Act of 1995. Such statements are based upon current expectations and assumptions. Actual results could differ materially from those currently anticipated as a result of known and unknown risks and uncertainties including, but not limited to, weather and economic, political, market and industry conditions and reliance on key customers. Such factors are described in Fedders' SEC filings, including its most recently filed annual report on Form 10-K. The company disclaims any obligation to update any forward-looking statements to incorporate developments occurring after release of announcement. DATASOURCE: Fedders Corporation CONTACT: Robert Laurent, Jr. of Fedders Corporation, +1-908-604-8686, or Web site: http://www.fedders.com/

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