Active Power Names Jay Powers CFO and Vice President of Finance
AUSTIN, TX -- (Marketwired) -- 11/18/13 -- Active Power (NASDAQ:
ACPW), manufacturer of uninterruptible power supply (UPS) systems and
modular infrastructure solutions, announced it has named Jay Powers
as CFO and vice president of Finance effective Dec. 4, 2013. Steve
Fife, current CFO and vice president of Finance, will remain with the
company through the end of the year.
"Jay has an impeccable record operating in senior finance positions
for large multinational manufacturing firms," said Mark A. Ascolese,
president and CEO, at Active Power. "He brings the relevant financial
and market experience Active Power needs as we look to drive more
consistency in the business and expand into new large and growing
markets. I'm excited to have Jay join us to help us build an
innovative, high growth business that is profitable and stable."
"I am excited to join Active Power at this point in the company's
evolution," said Powers. "I look forward to working closely with the
company's strong leadership team and contributing my experience and
expertise to help the business achieve its growth and profitability
goals and drive shareholder value."
"I also want to acknowledge Steve Fife for his hard work and
contributions to Active Power during his time here," continued
Ascolese. "We thank him for agreeing to stay on through year end and
wish him well in his future endeavors."
Jay Powers Executive Bio
A certified public accountant, Jay Powers
is an accomplished finance leader with broad and deep experience at
both domestic and international organizations in a variety of
industries including manufacturing, power quality, and energy
storage. Powers brings more than 30 years of finance, accounting, and
operations experience to Active Power with a proven record of
protecting assets, implementing new processes that lead to
operational improvements, and succeeding in fast paced, change driven
Powers most recently served as senior vice president of Finance of
the U.S. Windows and Doors division of PlyGem Industries, a $1.3
billion publicly traded building products manufacturer.
From 2006-2013, Powers was at Xerium Technologies, a publicly traded
global manufacturer and supplier of specifically engineered
consumable products used primarily in the production of paper. As
vice president and global controller, he led all corporate
controllership functions including SEC reporting, board reporting and
analysis, and external audit management.
Prior to Xerium, Powers held a number of executive finance roles
including vice president of Internal Audit at Invensys PLC, a global
industrial automation, controls, and transportation business. He was
tasked to step into this leadership role following the completion of
two divestitures including Invensys' Powerware and Lambda Power
divisions where he served as vice president of Finance.
He spent more than 11 years in various senior finance and accounting
roles at power and automation technology firm ABB, including six
years with ABB Drives and Motors division. Powers began his career as
a senior auditor at Ernst and Young LLP, formerly Arthur Young,
working out of the firm's offices in Stamford, Conn.
Powers received a bachelor's of Science in Accounting from the State
of University of New York at Albany.
About Active Power
Founded in 1992, Active Power (NASDAQ: ACPW)
designs and manufactures uninterruptible power supply (UPS) systems
and modular infrastructure solutions that enable data centers and
other mission critical operations to remain 'on' 24 hours a day,
seven days a week. The combined benefits of its products' power
density, reliability, and total cost of ownership are unmatched in
the market and enable the world's leading companies to achieve their
most forward thinking data center designs. The company's products and
solutions are built with pride in Austin, Texas, at a
state-of-the-art, ISO 9001:2008 registered manufacturing and test
facility. Global customers are served via Austin and three regional
operations centers located in the United Kingdom, Germany, and China,
that support the deployment of systems in more than 50 countries. For
more information, visit www.activepower.com.
Cautionary Note Regarding Forward-Looking Statements
may contain forward-looking statements that involve risks and
uncertainties. Such statements include those related to driving more
consistency in the business and expanding into new large and growing
markets, building an innovative, high growth business that is
profitable and stable and helping the business achieve its growth and
profitability goals and drive shareholder value. Any forward-looking
statements and all other statements that may be made in this news
release that are not historical facts are subject to a number of
risks and uncertainties, and actual results may differ materially.
Specific risks include delays in new product development, product
performance and quality issues and the acceptance of our current and
new products by the markets. Please refer to Active Power's filings
with the Securities and Exchange Commission for more information on
the risk factors that could cause our actual results to differ from
our forward looking statements.
Active Power and CleanSource are registered trademarks of Active
Power, Inc. The Active Power logo and PowerHouse are trademarks of
Active Power, Inc. All other trademarks are the properties of their
SOURCE: Active Power, Inc.
Active Power Investor Contact:
Active Power Media Contact:
Senior Public Relations Manager
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