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| Exide Technologies Appoints Two New
Executives Company Names New Chief
Operating Officer and President Transportation, Americas
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Alpharetta, Georgia - (August 23, 2007)
- Exide Technologies (NASDAQ: XIDE, www.exide.com), a global
leader in stored electrical-energy solutions, announced today
two new executive appointments.
Edward (EJ) O’Leary has been named as the Company’s Chief
Operating Officer. Since June 2005, Mr. O’Leary has served Exide
as President, Transportation – Americas. In his new role as COO,
he will be responsible for the four operating divisions of the
Company: Transportation – Americas, Transportation – Europe,
Industrial Energy – Americas, and Industrial Energy – Europe.
The presidents of these divisions will report to Mr. O’Leary.
“EJ is a dynamic, results-oriented leader whose capabilities are
evidenced by the performance of the Transportation – Americas
division under his command,” said Gordon Ulsh, President and
Chief Executive Officer of Exide Technologies. “I am confident
that he will effectively build upon Exide’s existing momentum as
we grow and become profitable.”
Mr. O’Leary’s career has spanned more than 30 years in the
automotive industry. Prior to joining Exide, he served as
President – The Americas at Oetiker, Inc. His career also
includes senior management positions at iStar Systems,
Federal-Mogul, Cooper Industries, and Tenneco Automotive.
Mr. O’Leary holds a Bachelor’s degree in Business Administration
from Slippery Rock University in Pennsylvania. He also completed
the International Advanced Management Program at the Harvard
School of Business.
In a related move, Bruce Cole has been appointed President of
the Transportation – Americas operating division. Bruce Cole
brings a broad range of industry experience to his new role as
President, Transportation – Americas, replacing Mr. O’Leary. Mr.
Cole has served Exide in a variety of capacities, most recently
as Vice President and General Manager of the Exide Recycling
operation. In his new role, Mr. Cole will report to Mr. O’Leary.
“During his 18-year career at Exide, Bruce has cultivated a
broad range of experience, which has been demonstrated by his
increasing level of responsibilities,” said O’Leary. “His unique
blend of operational and technical experience, coupled with his
management capabilities in the Recycling operation, make him
uniquely prepared to take on this new responsibility. His
experience will bring added insight and innovation to the
foundation already established in the Transportation – Americas
operation.”
Since joining Exide in 1989, Cole also has served the Company as
Vice President, Marketing, Global Industrial Energy and Vice
President, Manufacturing and Engineering in the Industrial
Energy – Americas division. He holds a Bachelor’s of Science
degree in Chemical Engineering from Michigan State University as
well as an Executive MBA from the University of Wisconsin,
Milwaukee.
“I am pleased and proud about these appointments,” said Ulsh.
“They illustrate that we are tapping the deep pool of talent
that exists within our organization – proving that
responsibilities and roles can successfully cross division
lines.”
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About Exide Technologies Exide
Technologies, with operations in more than 80 countries, is one
of the world's largest producers and recyclers of lead-acid
batteries. The Company's four global business groups --
Transportation Americas, Transportation Europe and Rest of
World, Industrial Energy Americas and Industrial Energy Europe
and Rest of World -- provide a comprehensive range of stored
electrical energy products and services for industrial and
transportation applications.
Transportation markets include original-equipment and
aftermarket automotive, heavy-duty truck, agricultural and
marine applications, and new technologies for hybrid vehicles
and 42-volt automotive applications. Industrial markets include
network power applications such as telecommunications systems,
electric utilities, railroads, photovoltaic (solar-power
related) and uninterruptible power supply (UPS), and
motive-power applications including lift trucks, mining and
other commercial vehicles.
Further information about Exide, including its financial
results, are available at
www.exide.com.
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| Forward Looking Statements
Except for historical
information, this press release may be deemed to contain
"forward-looking" statements. The Company desires to avail
itself of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 (the "Act") and is including this
cautionary statement for the express purpose of availing itself
of the protection afforded by the Act. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement in this or any prior forward-looking statements
whether as a result of new information, future developments or
otherwise. Examples of forward-looking statements include, but
are not limited to, (a) projections of revenues, cost of raw
materials, income or loss,
earnings or loss per share, capital expenditures, growth
prospects, dividends, the effect of currency translations,
capital structure and other financial items, (b) statements of
plans and objectives of the Company or its management or Board
of Directors, including the introduction of new products, or
estimates or predictions of actions by customers, suppliers,
competitors or regulating authorities, (c) statements of future
economic performance and (d) statements of assumptions, such as
the prevailing weather conditions in the Company's market areas,
underlying other statements and statements about the Company or
its business.
Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not
limited to, the following general factors such as: (i) the
Company's ability to implement and fund based on current
liquidity business strategies and restructuring plans, (ii)
unseasonable weather (warm winters and cool summers) which
adversely affects demand for automotive and some industrial
batteries,
(iii) the Company's substantial debt and debt service
requirements which may restrict the Company's operational and
financial flexibility, as well as imposing significant interest
and financing costs, (iv) the litigation proceedings to which
the Company is subject, the results of which could have a
material adverse effect on the Company and its business, (v) the
fact that lead, a major constituent in most of the Company's
products, experiences significant fluctuations in market price
and is a hazardous material that may give rise to costly
environmental and safety claims, (vi) competitiveness of the
battery markets in North America and Europe, (vii) risks
involved in foreign operations such as disruption of markets,
changes in import and export laws, currency restrictions,
currency exchange rate fluctuations and possible terrorist
attacks against U.S. interests, (viii) the Company's exposure to
fluctuations in interest rates on its variable debt, (xi) the
Company's ability to maintain and generate liquidity to meet its
operating needs, (xii) general economic conditions, (ix) the
ability to acquire goods and services and/or fulfill labor needs
at budgeted costs, (x) the Company's reliance on a single
supplier for its polyethylene battery separators and (xv) the
Company's ability to successfully pass along increased material
costs to its customers.
Therefore, the Company cautions each reader of this press
release carefully to consider those factors set forth above and
those factors described in the Company's Form 10-Q filed on June
11, 2007 and its Form 10-Q filed on August 7, 2007, because such
factors have, in some instances, affected and in the future
could affect, the ability of the Company to achieve its
projected results and may cause actual results to differ
materially from those expressed herein.
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