– USA, NY – Fuel Systems Solutions, Inc. (Nasdaq:FSYS) today announced that effective immediately, Steven R. Becker, Partner and Co-Founder of Becker Drapkin Management, L.P. has been appointed as an independent member of the Fuel Systems Board of Directors. Mr. Becker will serve as a member of the Nominating and Corporate Governance Committee and as Chair of a Strategy Committee, which will comprise Mr. Becker, Troy A. Clarke, Marco Di Toro and James W. Nall. With Mr. Becker’s appointment, the Fuel Systems Board will increase to eight members, seven of whom are independent.
The Company also announced that Mr. Nall, who currently serves as the Board’s Lead Independent Director, has been appointed Chairman of the Board, effective today.
“We welcome Steve to the Board and look forward to his contributions as we work collaboratively to advance Fuel Systems’ strategic priorities and drive value for all shareholders,” said Mr. Nall.
“Steve has impressive financial and business acumen, a broad range of experience as a public company director and the perspective of a major shareholder. We are looking forward to working with him as a member of the Board,” said Mariano Costamagna, Fuel Systems’ CEO.
“I am very pleased to serve as a member of the Board of Fuel Systems,” said Mr. Becker. “Fuel Systems has a proud history of leadership and innovation and I believe the company has many attractive opportunities to benefit from growth in demand for clean solutions that reduce emissions. I look forward to working alongside the Board and management team to create shareholder value.”
In connection with today’s announcement, Fuel Systems has entered into an agreement with Becker Drapkin, which beneficially owns approximately 9.4% of the Company’s outstanding shares. Under the agreement, Becker Drapkin has agreed to vote all of its shares in favor of each of the Fuel Systems Solutions Board’s nominees at the 2015 Annual Meeting. In addition, the Board will retain an executive search firm to assist in identifying an additional independent director that is mutually agreed upon by the Board and Mr. Becker.
Becker Drapkin is a Dallas based asset manager with a focus on constructive activism. Mr. Becker and his partner Matthew Drapkin have served on the Boards of fourteen public companies and specialize in creating value through constructive engagement. Mr. Becker currently serves as Chairman of the Board of Tuesday Morning Corporation, a national retailer, EMCORE Corporation, a leading provider of compound semiconductor-based components and subsystems for the fiber optics and solar power markets, and Special Diversified Opportunities. Mr. Becker previously served on the board of directors of Plato Learning, Inc., a provider of education services and training, Ruby Tuesday, Inc., the operator of a chain of casual dining restaurants, Hot Topic, Inc., a national retailer and Pixelworks, a semiconductor provider. Mr. Becker holds a B.A. from Middlebury College and a J.D. from the University of Florida.
About Fuel Systems Solutions
Fuel Systems Solutions (Nasdaq:FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems’ components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company’s advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to the components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration.
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