Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER) announced the first in a series of management moves consistent with the company’s previously announced management succession planning.
At his request, Stanford Ovshinsky, President and Chief Scientist and Technologist, has relinquished his executive management responsibilities as the company’s President and a member of its Office of the Chairman to devote his full energy and intellect to the further development of the science and application of amorphous and disordered materials in the fields of energy and information technologies.
Mr. Ovshinsky, who co-founded the company with his wife, Dr. Iris M. Ovshinsky, will remain an active member of ECD Ovonics’ Board of Directors, and contribute on strategic and technical issues as Founder and Chief Scientist and Technologist.
Mr. Ovshinsky’s office will be located at ECD Ovonics’ newly named Stan and Iris Ovshinsky Center for the Advancement of Energy and Information Technologies in Bloomfield Hills, Michigan. He will continue to serve as Chairman of the Board of ECD Ovonics’ Ovonyx, Inc. joint venture.
It is anticipated that Mr. Ovshinsky’s ongoing research and development activities will be funded, in part, through specific budget allocations by the commercial divisions of ECD Ovonics and its joint venture companies and, in part, by third-party and government funding. This change in funding strategy is part of the previously disclosed process the company is undertaking of reevaluating and realigning its research and development, and general and administrative spending to be consistent with its commitment to achieve sustainable profitability.
Mr. James R. Metzger, previously Executive Vice President and Chief Operating Officer, has been appointed to serve as Interim President and Chief Operating Officer.
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