Fuel Systems Solutions: CEO plans to retire
Mariano Costamagna, CEO of Fuel Systems Solutions, Inc. (FSYS) announced that he plans to retire from this position by the end of 2015 after ten years of service to the Company. The Board has appointed a search committee to commence a search for a new CEO. To facilitate an orderly transition process, Mr. Costamagna will continue to serve until a successor is named and the CEO transition is complete. Mr. Costamagna will continue to serve as a member of the board of directors.
Mr. Costamagna has enjoyed a career of nearly 40 years as a leader in alternative fuel systems.
James W. Nall, Chairman of the Board, stated, "Mariano's vision spearheaded technological innovation in alternative fuel, helping to build Fuel Systems Solutions into a multi-brand entity recognized around the world as providing dozens of OEM's and millions of aftermarket users unmatched solutions for their power needs. We are deeply grateful for his contribution building the Company as a market leader with an enduring legacy."
Andrea Alghisi from AP Services, LLC, an affiliate of AlixPartners, is assuming the role of interim COO, effective immediately. Mr. Alghisi brings over 20 years of professional experience dedicated to leading turnaround, performance improvement and growth strategy programs in the automotive and industrial goods industries. In his capacity at AlixPartners, Mr. Alghisi has been directing the restructuring outlined in the Company's fourth quarter 2014 press release and conference call, and his duties will focus on this mandate. Mr. Alghisi commented, "I am excited about the tremendous opportunities to help improve operations as a member of the Fuel Systems team."
Mr. Costamagna stated, "Andrea is an effective operating and turnaround executive who has led the implementation of our current action program. We welcome him to Fuel Systems and look forward to his completing this crucial task."
Additionally, the Company has engaged J P Morgan Securities LLC as its financial advisor in connection with its review of strategic alternatives. The Strategic Oversight Committee continues its evaluation of value creating options for Fuel Systems stockholders.
About Fuel Systems Solutions
Fuel Systems Solutions (FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to the components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Additional information is available at www.fuelsystemssolutions.com.