(BLD.) Ballard Announces Change in Senior Management
VANCOUVER, British Columbia, Oct 8, 1999 (BUSINESS WIRE) -- Ballard
Power (Nasdaq:BLDP) (TSE:BLD.) Ballard Power Systems announced today
that Mr. Michael Graydon is leaving the Company.
Mr. Graydon joined Ballard in November 1998 as Vice President and Chief
Financial Officer. During his 11 months at Ballard, Michael focused on
internal accounting, financial management and administrative
activities. Pending the selection of a successor, Paul Lancaster,
Ballard's Vice President, Corporate Development, has been appointed
acting Chief Financial Officer. Mr. Lancaster was acting Chief
Financial Officer before Mr. Graydon's appointment and during the nine
years he has been with Ballard he also served as the Company's
Treasurer and Controller. In addition, Noordin Nanji, Ballard's Vice
President, Corporate Affairs, will assume the administrative
responsibilities that Mr. Graydon held. Prior to Mr. Nanji joining
Ballard in 1998, he served as the Company's lead outside counsel for
six years and was instrumental in negotiating the strategic
partnerships with key shareholders, customers and suppliers.
Shareholder relationships, capital markets, strategic relationships and
transactions have been, and will remain, the responsibilities of Mr.
Lancaster and Mr. Nanji.
Firoz Rasul, Chairman and Chief Executive Officer, commented, "As
Ballard advances in its development, the responsibilities of Ballard's
Chief Financial Officer also evolve. As that process unfolded over the
past few months, Kip Smith, our President and Chief Operating Officer,
and I discussed with Michael the Company's requirements and we
collectively agreed that Michael's aspirations did not match the
Company's needs. As a result, Michael will pursue other opportunities.
We thank him for his contribution and wish him well in his future
endeavors. While we are searching for a successor, Kip and I are
confident that with the strength of our team, led by Paul and Noordin,
our financial, accounting, and administrative groups will operate
without disruption." |
