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Back to Capital Region Happenings Plug Power names new
president, CEO
Tuesday,
April 8, 2008 - 3:28 PM EDT The
Business Review - by Pam
Allen Plug
Power named Andy Marsh as the company's new president
and CEO today. Marsh,
52, replaces Roger Saillant, who retired Monday on his 65th birthday. Marsh
was co-founder of Valere
Power, where he was CEO from 2001 until it was sold to
Eltek
ASA in 2007. The Richardson, Texas-based Valere Power
manufacturers and distributes DC (direct power) distribution equipment for
the telecommunications industry. When
Valere sold to Eltek, it had grown from a startup to a global operation
employing more than 200 people and generating more than $90 million in
revenue in 2007. Between 2004 and 2007, the company's revenue grew by 77
percent. Before
starting Eltek, Marsh spent 18 years with Lucent Bell laboratories working
in the fields of sales and technical management. "We
are very impressed with Andy's record of success and results-oriented
leadership," said George McNamee, chairman of Plug Power's (Nasdaq:
PLUG) board of directors. "He demonstrated the ability to bring
products to market, develop customer bases and grow revenues." Marsh
holds a bachelor's of science in electrical engineering technology from Temple
University, and master's degrees from Duke
University and Southern
Methodist University. His wife, Kathy Mattes, is an
alumna of University at Marsh
said he is looking forward to heading up the Latham-based full cell
developer. "I
believe that Plug Power has consistently demonstrated its leadership
within the fuel cell industry," he said. A
three-month search yielded 300 candidates for the position. On April 4,
Plug Power announced it was deciding between two finalists.
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