David DiGiacinto, the chairman and CEO of American advanced lead-carbon batteries developer Axion Power International, has died unexpectedly this week.
The company’s Board of Directors unanimously appointed Donald F. Farley, a recently elected Board member, as its new Chairman. The search for a new CEO has begun.
The Board of Directors at the ESS and frequency regulation systems company held a meeting to ensure the required and necessary governance and business processes continue without impacting the company’s strategic direction and operations.
Mr. Farley said: “Dave DiGiacinto was a colleague and a dear friend for many years, and he will be sorely missed.
“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.”
He added: “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 of Directors, on behalf of the Axion Power organisation, extended its sympathies to the DiGiacinto family, his son Luke and friends in the Bethlehem Pennsylvania 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.
The tragic news came a few days before the firm signed a strategic marketing, sales and reselling agreement with privately owned Portland OR-based Pacific Energy Ventures LLC (PEV).
The technology and project development firm specialising in the renewable energy and energy storage sectors, will represent Axion Power and its PbC-based products nationally on a non-exclusive basis. They will initially be focused in the area comprising the power grid of PJM Interconnection LLC, a Regional Transmission Organization serving all or parts of 13 states in the Northeast and the District of Columbia.
PEV will promote the sale of PbC and PowerCube products for use with renewable energy and energy storage projects.