Texaco Press Release - ECD Announces Thomas S. Neslage to Assume New Position
FOR RELEASE: Thursday, November 9, 2000
TROY, Mich., Nov. 9, 2000 - Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER) announced today the creation of a new position, Senior Vice President of Global Sales and Marketing. The new position will oversee development of cohesive corporate and product brand management coupled with marketing and sales strategies for all ECD products and services. Efforts will be focused on better leveraging the company's current leading-edge and emerging technologies in the marketplace. This new role will also further define and deliver on customers' requirements in an ever increasingly competitive and global marketplace for all ECD operating units and joint venture companies.
Thomas S. Neslage, formerly president of Texaco Global Products, has been named to this position, and reports directly to Mr. Robert C. Stempel, chairman of ECD, and Mr. Stanford R. Ovshinsky, president and CEO of ECD.
Stan Ovshinsky and Dr. Iris Ovshinsky, vice president of ECD, commenting on Tom Neslage joining ECD, said, "We're very pleased to have Tom, a seasoned and creative business leader, join ECD. He will be involved in the ongoing core strategy development process within ECD and we welcome his perspective. We're seeking to maximize shareholder value and Tom will be a great addition to our outstanding team."
Commenting on the creation of this new position, Bob Stempel stated, "This new position will help us focus on bringing ECD's technologies to the marketplace in a more timely and effective manner. Tom Neslage's extensive international management experience will play a key role in our quest to make ECD products and services the choice of consumers around the world."
Tom Neslage graduated from Texas Tech University in 1974 with a Bachelor of Arts degree in marketing and management, and earned a Masters of Business Administration degree from the University of Tulsa in 1977. He completed Columbia University's program for Global Management Development in 1989.
He joined Skelly Oil Company in Tulsa in 1974, which later became a part of Getty Oil Company in 1977. Getty subsequently merged with Texaco in 1984. Neslage was named Regional Marketing Manager in 1987, and later named Director of Credit Card and Automated Marketing Systems in 1988. He was appointed Director of Quality for Texaco Refining and Marketing Inc. (TRMI) in 1990.
Tom Neslage was named General Manger, Texaco A/S located in Copenhagen, Denmark, in July 1991. In 1994, he was appointed Managing Director and Chief Executive Officer of the Hydro-Texaco joint venture, which markets fuels and lubricants throughout Scandinavia and the Baltic Region. In that position, Neslage also served as Board Chairman for the various national operating companies. Most recently, he founded Texaco Global Products in 1996. In this position, he had oversight responsibility for all lubricant, coolant and fuel additive technology development, sales and marketing activities within Texaco and affiliate companies worldwide. In 1998, Neslage also assumed the role of Vice President of Marketing for Texaco Inc. He currently serves as Board Chairman of Fuel and Marine Marketing, a leading global marine fuels and lubricant marketing joint venture between Chevron and Texaco.
ECD and its network of business partners and licensees are manufacturing cutting-edge products in three rapidly growing global markets: energy generation, energy storage and information technology. ECD designs and builds manufacturing machinery that incorporates its proprietary production processes, maintains ongoing research and development programs to continually improve its products and develops new applications for its technologies. ECD's web site address is www.ovonics.com
This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions which ECD, as of the date of this release, believes to be reasonable and appropriate. ECD cautions, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based.
Updated: November 2000