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Southwall Technologies Inc. Announces Changes to the Board of Directors and Executive Management Structure
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Southwall Technologies Inc. (OTCBB:SWTX), a global innovator and manufacturer of energy-saving films and glass products, announced on May 20, 2008 succession changes to the Board of Directors and Executive Management. Dr. R. Eugene Goodson resigned as Executive Chairman; however he will continue to serve on the Board of Directors and as an advisor to executive management. The Board of Directors elected Andre R. Horn Chairman of the Board of Directors and appointed Dennis Capovilla Chief Executive Officer.
Mr. Horn has been a member of the board since February 2006 and succeeds Dr. Goodson, who has served in various capacities including Chief Executive Officer and Executive Chairman since 2006. Prior to Mr. Horn's election to the Southwall Board of Directors he retired in 1985 as Chairman of Joy Manufacturing Co. in Pittsburgh, Pennsylvania, now known as Joy Global Inc., a manufacturer of heavy equipment. He served as Chairman of Needham & Co., Inc. until his retirement and election as Chairman Emeritus in 1991. Currently, he is a director of Needham & Co. and also serves as a director and Chairman of the Board of REMEC, Inc.
Mr. Capovilla joined Southwall in July 2003, and during the last year has served as President and Chief Operating Officer. Prior to his tenure at Southwall Mr. Capovilla was employed by Palm, Inc., where he was Vice President, Enterprise Sales. Before joining Palm, he held several executive positions with FATBRAIN, Inc, an e-commerce provider of books and information products, including President and CEO, COO, and VP of Sales and Business Development. Prior to FATBRAIN Mr. Capovilla held various Sales and Marketing Management positions with Apple, Versatec, Inc. and Xerox Corporation.
Dr. Goodson said, "It has been a great pleasure for me to lead the Southwall team over the last eighteen months. The management team has made great progress in focusing the company on its primary growth opportunities in the energy markets while at the same time generating growing returns for the shareholders. Dennis Capovilla has been transitioning to the CEO position for over a year. This expanded responsibility is in recognition of his success in making the difficult decisions to restructure the organization, refocus the product strategy on energy-related core competencies, and realign Southwall for profitable growth. I am confident that he and his team will lead the company to new highs."
About Southwall Technologies Inc.
Southwall Technologies Inc. is recognized worldwide as a leading innovator in the development and manufacture of high performance films and glass products that dramatically improve the energy efficiency of architectural and automotive glass. Southwall is an ISO 9001:2000-certified manufacturer with customers in over 25 countries around the world, including V-Kool, Audi, BMW, DaimlerChrysler, Guardian, Peugeot-Citroen, Pilkington, Renault, Saint-Gobain Sekurit, and Volvo.
SAFE HARBOR PROVISION
Certain statements contained in this release are intended to be covered by the Safe Harbor provided for under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. This release contains forward-looking statements, which are subject to a number of risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. Forward-looking statements are only predictions and actual results may vary.
CONTACT: Southwall Technologies Inc.
Kathy Taylor, 650-798-1200, ktaylor@southwall.com
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May 23rd, 2008
Source: Southwall Technologies Inc. |
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