Power Solutions International Inc. (PSI), a leader in the design, engineer and manufacture of emissions-certified, alternative-fuel power systems, announced that on May 17, 2017, the company completed its previously announced search for a new, permanent chief executive officer (CEO). In connection therewith, the company's Board of Directors (the "Board") appointed John P. Miller as CEO and President of the company. Miller's appointment was effective immediately upon the resignation of Raymond C. Anderson as interim chief executive officer. The company expects to enter into an employment agreement with Miller, a description of which will be provided in an amended Form 8-K that is anticipated to be filed with the U.S. Securities and Exchange Commission.
Shaojun Sun, Chairman of the Board of Directors, comments, "After conducting a comprehensive search for a permanent CEO, we are pleased to welcome John as our chief executive officer and president. His successful track record in the areas of operations and finance across the manufacturing, distribution and transportation industries, coupled with his public company experience, make him an ideal fit to lead our company into the future. We look forward to working together with him to steer the company on a positive track as we strive to create long-term stability, growth and shareholder value."
Miller comments, "I am honored to join the team at PSI. With our technology, depth of products and strong roster of customers, the company is well positioned for future growth. I look forward to working with our talented employees and our partners at Weichai as we pursue additional growth opportunities and drive overall profitability. As we move forward, we are committed to serving our customers and to delivering value to our shareholders."
Miller, age 59, has over 35 years of broad-based executive management experience in the manufacturing, distribution, and transportation industries in both public and private equity companies. From 2008 until 2016, he served in operational and financial management positions of increasing responsibility at Navistar International Corporation, a global manufacturer of commercial and military trucks, school buses, diesel engines, and provider of service parts for trucks and diesel engines, and most recently, from 2014 as senior vice president operations and corporate finance. Miller's prior positions at Navistar included vice president and general manager for specialty business as well as vice president and chief financial officer for engine and parts. Prior thereto, he served in the role of chief financial officer of Laidlaw International, Inc., a provider of public transportation services, Chicago Metallic Corporation, a global manufacturer of suspended ceiling and metal products, Fleetpride, Inc., a distributor of heavy-duty truck parts, and Peapod, an online grocery delivery company. Miller received his Masters degree in Business Administration from the University of Michigan and a Bachelor of Arts degree in economics from DePauw University.
Anderson resigned on May 17, 2017, and the company and Huron Consulting Services LLC terminated by mutual agreement the interim services agreement pursuant to which Anderson was retained to serve in an interim executive role. Separately, on May 17, 2017, the company entered into a services agreement pursuant to which it engaged Huron as a financial advisor to the company. Pursuant to the services agreement, Huron will provide prescribed financial advisory services and the company will pay Huron hourly-based fees at prescribed rates.
Also, on May 17, 2017, Jay J. Hansen, Ellen R. Hoffing and Mary E. Vogt notified the Board of their resignation as directors, including as members of the audit committee of the Board, effective as of May 31, 2017 or earlier if the company elects a replacement director. They expressed that their resignations were not the result of any disagreement on any matters relating to the company's operations, policies or practices but were due to other personal and professional obligations and commitments. The company thanked them for their service. The Board anticipates conducting an active search for qualified, independent director candidates to begin filling the vacancies on the Board as a result of the foregoing resignations, with a view toward recruiting candidates with the requisite knowledge and experience to serve as audit committee members.