Hydrogenics Strengthens Leadership Team Naming Daryl Wilson as New CEO
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MISSISSAUGA, ONTARIO, CANADA - December 8, 2006 - The Board of Directors of Hydrogenics Corporation (NASDAQ:HYGS; TSX:HYG.TO), a leading developer and manufacturer of hydrogen and fuel cell products, today announced that Daryl Wilson, a versatile leader with 25 years of technology and industrial management experience, has been appointed President and Chief Executive Officer of the corporation.
Mr. Wilson replaces co-founder Pierre Rivard, who announced in September that he would move into the advisory role of Executive Chair upon the successful completion of a search for his successor. With Mr. Rivard's move, Hydrogenics' previous chairman Norman Seagram becomes Lead Director.
"Hydrogenics has reached the point where we're ready to move beyond the early development stage and exploit the tremendous commercial opportunities that are emerging in this industry," said Mr. Wilson. "The board of directors and Pierre recognized that new, yet complementary, management skills were needed for this next step in the company's development."
Mr. Wilson brings the proven ability to take an emerging technology company and enable it to become a highly successful provider of commercial products. He has a wealth of diverse international business experience, having held senior leadership positions with Royal Group Technologies, ZENON Environmental, TOYOTA and Dofasco.
"We are building on our strengths and momentum," said Mr. Seagram. "We are building on the foundation created under Pierre's leadership, adding new capabilities to a solid team, to get to the next level in Hydrogenics' development."
In his new position as executive chair, Mr. Rivard has an ongoing advisory role with the company he co-founded in 1995. He will play a critical supporting role to the CEO and Board, regarding Hydrogenics' relationships with industry, government, partners, customers, and the community.
"With Daryl's tremendous leadership related to growth and operational excellence in technology development and manufacturing, and with Pierre's continued involvement as an industry statesman and strategic advisor, Hydrogenics now has the essential strength to build on its market and technology leadership in hydrogen and fuel cell products and systems," said Lead Director Norman Seagram. "Pierre has been a driving force behind Hydrogenics' success since its inception, and Daryl provides new areas of management expertise and execution that will benefit our shareholders, employees and customers."
Conference Call Details
A conference call will be held to discuss this announcement on Dec. 8, 2006 at 10:30 a.m. (EST). To participate in this conference call, please dial 416-695-5261 approximately 10 minutes before the call. Alternatively, a live webcast of the conference call will be available on Hydrogenics website at www.hydrogenics.com. Please visit the website at least 10 minutes early to register and download any necessary software. Should you be unable to participate, a website replay will also be available after the call.
