– USA, GA – Exide Technologies, a global provider of stored energy solutions for the transportation and industrial markets, today announced that its Board of Directors has appointed Timothy (Tim) D. Vargo, a current member of Exide’s Board, to serve as President and Chief Executive Officer, effective immediately. Mr. Vargo succeeds Vic Koelsch, who is stepping down as President and Chief Executive Officer. Mr. Koelsch will remain an advisor to the CEO through December 31, 2018. Mr. Vargo will remain a member of the Exide Technologies Board of Directors.
“Vic made significant contributions to the Company, ensuring a successful return in the transportation aftermarket, positioning the Company to grow its OEM partnerships and introducing new products and services for its global motive and network power customers,” said Keith Wandell, Chairman of the Board for Exide Technologies. “Vic and the Board agree that now is the right time for a new leader with a fresh operational perspective to drive value in the next phase of Exide’s growth. Tim brings the right leadership skills and operational experience to step in and immediately accelerate our transformation.”
About Tim Varrgo
Mr. Vargo brings more than 40 years of leadership and managerial experience in automotive supply chain and process improvement. He served as the President and Chief Operating Officer of AutoZone where he was instrumental in formulating and executing the growth strategy that took the company from 1,000 stores to 3,250 stores and sales from $1.5 billion to over $5 billion. He has held a variety of senior executive and director positions at Auto Teile-Unger, TruckPro and Kele, Inc. Mr. Vargo is also a member of the Board of Directors for Motorcar Parts of America, Inc. (NASDAQ: MPAA). Mr. Vargo will be located at the Company’s global headquarters in Milton, Georgia.
“While our market position is increasing and our business continues to achieve new performance levels, I see the opportunity to enhance our growth while driving value for our customers and our stakeholders” said Mr. Vargo. “I look forward to working with our 10,000 dedicated employees across the globe who are integral to our Company’s success.”
About Exide Technologies
Exide Technologies is a global provider of stored electrical-energy solutions for the transportation and industrial markets. Exide’s 130 years of technology innovation combined with operations in more than 80 countries enables the company to deliver compelling solutions for the world’s current and future power needs. Exide produces and recycles a broad range of products, serving the Transportation, Network Power and Motive Power market segments with battery and energy storage systems and specialty applications for a broad range of industries including: agricultural, automotive, electric, light and heavy-duty truck, marine, materials handling, military, mining, powersport, railroad, security, telecommunications, utility and uninterruptible power supply (UPS), among others. Exide is Powering the World Forward – history and scale combined with a start-up mentality make Exide the right choice for customers who want more than simply a battery supplier.
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