NEW CASTLE, Pa., Jan. 26, 2015 /PRNewswire/ -- Axion Power International, Inc. (NASDAQ: AXPW), a developer of advanced lead-carbon PbC® batteries, energy storage systems and frequency regulation systems, announced with sadness today that its Chairman and CEO, David DiGiacinto, died unexpectedly yesterday morning.
The Axion Power Board of Directors held a Board meeting yesterday afternoon in response to this tragic event to ensure the required and necessary governance and business processes continue without adversely impacting the Company's strategic direction and operations. The Board of Directors unanimously appointed Donald F. Farley, a recently elected Board member, its new Chairman.
Mr. Farley commented, "Dave DiGiacinto was a colleague and a dear friend for many years, and he will be sorely missed. The new direction for Axion Power that Dave described in his November and December Letters to Shareholders will continue to be the Company's strategic plan. The Board will immediately start a new CEO search. Chief Operating Officer Philip Baker and Chief Financial Officer Chuck Trego will report to me for the near term, and I will work with them and Axion's capable team to implement the strategic plan. I joined the Axion Board to assist Dave with my diverse executive and business development experience and will now directly do so to fulfill his key goals and objectives. Fulfilling these goals will be a worthy legacy to Dave."
The Board of Directors, on behalf of the Axion Power organization, extends its most sincere sympathies to the DiGiacinto family, his son Luke and Dave's many friends in the Bethlehem PA area. In his short tenure as the Company's CEO and Chairman of the Board, Dave provided great vitality, a new vision for the business and a can-do spirit. These positive traits have transformed the Company's outlook and confidence.
About Axion Power International, Inc.
Axion Power is an industry leader in lead-carbon energy storage. Its PbC battery technology utilizing proprietary activated carbon electrodes is the only advanced battery that can be assembled on existing lead-acid production lines throughout the world. Axion Power's primary goal is to become the leading supplier of carbon electrode assemblies for lead-acid battery companies around the world.
For more information, visit www.axionpower.com
Len Hall (Media)
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SOURCE Axion Power International, Inc.