Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Beacon Power (BCON) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (13)	10/26/2001 7:33:57 AM
From: Jim Oravetz	Read Replies (1) \| Respond to of 49

Beacon Power Names Jack Pearson Smith to Its Board; Former CEO of Holland Neway International Brings 30 Years of Industrial Design, Manufacturing and Product Marketing Expertise Business/Technology Editors WILMINGTON, Mass.--(BUSINESS WIRE)--Oct. 25, 2001--Beacon Power Corporation (NASDAQ:BCON), a leading manufacturer of flywheel energy storage systems that provide highly reliable, high-quality uninterruptible electric power, today announced that it is expanding its Board of Directors with the addition of Jack Pearson Smith. For the last 11 years, Smith served as President and Chief Executive Officer of Holland Neway International in Muskegon, Michigan, a leading designer and manufacturer of suspension systems and brake actuators for the commercial vehicle market. In 2000, this 650-person company had worldwide sales of $200 million. "We are delighted that Jack has agreed to join Beacon Power as a director," said Beacon Power President and Chief Executive Officer William E. Stanton. "He is a skilled strategist who has deep experience in developing value-differentiated products, lowering product unit costs and improving business operating structures for long-term profitability. This experience will be invaluable to Beacon as we seek to build our marketing organization, move toward volume manufacturing and expand our presence in the alternative energy and distributed generation markets." During his tenure, Smith was responsible for growing sales of Holland Neway (formerly Neway Anchorlok International) from $70 million to the present level of $200 million. He developed a comprehensive strategic vision for growth that has enabled the company to successfully grow despite stiff competition and steadily declining market prices for brake and suspension components. In 1992, Smith led the company's divestiture from Lear Siegler to American Industrial Partners (AIP), a financial buyer. In 1995, Smith led a successful management buyout of the company with equity partner Kohlberg Kravis Roberts. From 1992 to 1999, these transactions generated an equity return of over $110 million. Smith also held the positions of V.P. Engineering and Quality Assurance at Neway Anchorlok International and directed the engineering and quality assurance departments. Earlier, he was Chief Engineer. From 1972 to 1982, Smith was Design Group Leader at the Ford Motor Company - Heavy Truck Division, in Dearborn, Michigan, where he also held positions as project engineer, and product planning analyst. Smith also serves on the board of directors of Bissell Corporation in Grand Rapids, Michigan. He is a past member of the Board of Trustees of the Muskegon Art Museum, is a Foundation Board member of Grand Valley State University, and was a Cabinet Fund Raising Board member of the Grand Rapids Children's Museum. A resident of Grand Rapids, Michigan, Smith attended the University of Michigan where he earned bachelor's (1970) and master's (1971) degrees in mechanical engineering and an MBA (1979.)