– USA, AZ – TPI Composites, Inc., (Nasdaq: TPIC), the only independent manufacturer of composite wind blades with a global footprint, today announced that William E. Siwek, currently President, has been appointed President and CEO, effective May 20, 2020. Mr. Siwek also has been nominated to stand for election to join TPI’s Board of Directors, effective May 20, 2020.
Steven C. Lockard, whose career at TPI began in 1999 and who has served as CEO since 2004, has been nominated for a new three-year term as Director and, if elected, will become Chairman of the TPI Board, effective May 20, 2020. Steve will also serve as Chairman of a newly formed Technology Committee of the Board to oversee the company’s innovation efforts for both wind and transportation markets.
Paul Giovacchini, the current Chairman of the Board, will assume the role of Lead Independent Director of TPI’s Board of Directors, effective May 20, 2020.
Mr. Giovacchini commented, “Bill’s appointment as CEO is part of our succession planning efforts to ensure that TPI remains well-positioned to execute on its long-term strategic goals. Bill has built a great team and demonstrated tremendous leadership in his prior roles as President and Chief Financial Officer at TPI which will serve us well as he leads TPI going forward.”
Lockard added, “Bill has been an exceptional business partner and leader since joining TPI’s executive team in 2013. He is uniquely qualified to lead TPI as our CEO through the company’s next phase where our focus will be on execution, transition speed, margin expansion, diversification and free cash flow generation.”
“I look forward to leading TPI and the incredible team we have assembled and continuing to build value for all of our stakeholders including our stockholders, customers, associates and the communities in which we operate. I also am excited to continue collaborating with Steve as TPI’s Chairman on our strategy and development of the company’s advanced technology,” remarked Bill Siwek.
“Steve was the driving force behind TPI’s tremendous growth during his tenure as CEO. We look forward to his continued leadership and strategic guidance in his new role as Chairman of the Board” added Mr. Giovacchini.
“I am excited about the next phase of TPI’s growth and will continue to fully support the TPI leadership team, our customers and the industry in any way that I can,” remarked Mr. Lockard.
In addition, TPI announced today that Steven Bransfield and Michael DeRosa will be retiring from TPI’s Board of Directors, effective May 20, 2020. Mr. Bransfield has served as a Director at TPI since 2010 and Mr. DeRosa has served as a Director at TPI since 2009.
Mr. Giovacchini noted, “TPI is appreciative and grateful for Steve’s and Michael’s leadership and contributions during their many years of service with TPI. They both played critical roles in supporting and guiding TPI through a decade of rapid growth and development.”
TPI expects to continue to strengthen and diversify its Board of Directors during the remainder of 2020.
About TPI Composites, Inc.
TPI Composites, Inc. is the only independent manufacturer of composite wind blades for the wind energy market with a global manufacturing footprint. TPI delivers high-quality, cost-effective composite solutions through long term relationships with leading OEMs in the wind and transportation markets. TPI is headquartered in Scottsdale, Arizona and operates factories throughout the U.S., China, Mexico, Turkey and India. TPI operates additional engineering development centers in Denmark and Germany.
For more information: https://www.tpicomposites.com
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