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SOURCE Axion Power International, Inc.
NEW CASTLE, Pa., Oct. 15, 2013 /PRNewswire/ -- Axion Power International, Inc., (OTCQB: AXPW), the developer of advanced lead-carbon PbC® batteries and energy storage systems, today announced the appointment of Stephen Graham as Chief Financial Officer of the Company. He succeeds Charles Trego, who resigned for personal reasons and was elected to the Board of Directors by the shareholders at the Annual Shareholder Meeting on September 26. The appointment of Stephen Graham is effective October 21, and Mr Trego has agreed to assist in the transition as needed.
Mr. Graham has 20 years of proven experience, having served as the Chief Financial Officer of successful publicly traded and privately held companies. In addition to his extensive traditional financial management background, he also has solid experience in administration, operations management, business planning and development, purchasing, information systems and human resources.
Mr Graham was most recently Executive and Financial Consultant with CMF Associates LLC, an international consulting and deal origination organization. During his tenure with CMF (2012-2013) he served as Interim CFO for a renewable energy company, and acted as onsite due diligence officer for the private equity firm that provided the company's financing. Prior to his service at CMF, Mr. Graham was with Associated Materials LLC from 2009 to 2012. His tenure with this $1.2 billion building materials company included the positions of Senior Vice President, Treasurer and Secretary and Chief Financial Officer. While at Associated Materials he put in place a program that eliminated $20 million of non-value-added supply chain costs and repositioned the balance sheet, including a debt restructuring. His work led to increased value when the business was successfully sold to a private equity firm.
He served at Wastequip Inc from 2008 to 2009 as CFO of the $400 million waste disposal equipment manufacturer. From 2001 to 2008, he was Executive Vice President and CFO of Shiloh Industries (a Nasdaq-listed company), a $600 million auto parts manufacturer. Prior to that he held positions at Republic Technologies International Inc, Dura Automotive Systems Inc (formerly Nasdaq: DRRA), later taken private by the New York private equity firm Patriarch Partners; Truck Components Inc (formerly Nasdaq: TRCK/JAII), acquired by Castle Harlan Inc., a New York merchant bank; and Grand & Toy Ltd (formerly NYSE: CARA), which officially changed its name to OfficeMax Grand & Toy in 2013. He began his career in 1982 at Magna International, a component supplier to the automotive industry worldwide (a NYSE-listed company).
Chairman & CEO Thomas Granville commented, "We engaged a top executive search firm and, with their guidance, pursued an extensive and thorough search throughout North America to identify the best candidates for our CFO position. We narrowed the selection to the very best candidates that possessed all of the CFO criteria and qualities we require at this important stage of our Company's business growth. Mr Graham was selected from this elite group, as the candidate that not only met all of our criteria but also because he brings us additional expertise and experience in some of our primary focus areas. We are very pleased with the confidence and commitment he has expressed in accepting the CFO position. We are confident that Steve will be an excellent fit, as we move forward to achieve our business objectives. Steve's leadership talents, financial management skills and business experience will all serve to enhance the strength, capability and contributions of our management team."
Mr Graham is a Chartered Accountant, and holds a BA in Commerce and Finance from the University of Toronto. He will relocate to New Castle Pennsylvania after assuming his new role.
About Axion Power International, Inc.
Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries. According to Frost & Sullivan, Axion's new PbC® batteries have "the potential to revitalize the lead-acid battery industry by breathing new life into an established technology that has not been well suited to the requirements of important new applications like hybrid electric vehicles and renewable power."
Axion Power International, Inc. is the industry leader in the field of lead carbon energy storage technologies. Axion believes its new PbC battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world utilizing Axion's proprietary activated carbon electrodes. Axion's future goal, after filling their plant's lead-carbon battery production capacity, is to become the leading supplier of carbon electrode assemblies for the global lead-acid battery industry.
For more information, visit www.axionpower.com
Axion Power International Inc.
Thomas Granville, CEO
(724) 654 9300
Len Hall (Media)
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