Fedders Corporation President, Michael Giordano, Becomes Chief Executive Officer Elect; to Become CEO October 1, 2006; Sal Gior
27 Aprile 2006 - 8:14PM
PR Newswire (US)
LIBERTY CORNER, N.J., April 27 /PRNewswire-FirstCall/ -- Fedders
Corporation (NYSE:FJC), a leading global manufacturer of air
treatment products, including air conditioners, furnaces, air
cleaners, dehumidifiers and humidifiers for residential, commercial
and industrial markets, today announced that its board of directors
has elected the company's president, Michael Giordano, 42, chief
executive officer (CEO) elect, effective immediately and until
October 1, 2006 when he will become president and chief executive
officer. Sal Giordano, Jr., the company's CEO since 1988, will
continue as executive chairman. With Fedders since 1990, Michael
Giordano has held numerous U.S.-based and international positions
and has been involved in all aspects of the company's
transformation from a North American manufacturer and marketer of
appliance- type room air conditioners to a global company focused
on the much larger, growing and more profitable central
residential, commercial and industrial markets for air treatment
products, primarily in North America, China and India. Since
becoming president in November 2004, Mr. Giordano has assumed
operating responsibility for Fedders International, Fedders
Residential HVAC and Fedders Commercial/Industrial Products, as
well as the company's global engineering, sourcing, product
planning and sales and marketing activities. Prior to becoming
president, Mr. Giordano was executive vice president, finance and
administration and chief financial officer since 1999. In 1996, Mr.
Giordano relocated to Singapore as managing director of Fedders
Asia and has since been instrumental in establishing and managing
the company's strategic operations around the globe. Commenting on
his election as CEO elect, Michael Giordano said, "The Fedders team
is very focused on executing our strategic plan and growing sales
in profitable segments of the markets we serve. As a result of our
transformation, we have a powerful combination of high quality
products, low cost manufacturing and product development
capabilities that will enable us to attain a high level of growth
and profitability." Further commenting, Fedders Chairman and Chief
Executive Officer, Sal Giordano, Jr. said, "Michael has been a key
player in Fedders transformation to a diversified, global
participant in the $37 billion market for residential, commercial
and industrial air treatment products, as opposed to the $1 billion
no growth U.S. room air conditioner market." This news release
includes forward-looking statements that are covered under the
"Safe-Harbor" clause of the Private Securities Litigation Reform
Act of 1995. Such statements are based upon current expectations
and assumptions. Actual results could differ materially from those
currently anticipated as a result of known and unknown risks and
uncertainties including, but not limited to, weather and economic,
political, market and industry conditions and reliance on key
customers. Such factors are described in Fedders' SEC filings,
including its most recently filed annual report on Form 10-K. The
company disclaims any obligation to update any forward-looking
statements to incorporate developments occurring after release of
announcement. Visit the Fedders investor information website at
http://www.fedders.com/ to access additional information on
Fedders. DATASOURCE: Fedders Corporation CONTACT: Judy Katz,
+1-908-604-8686 Web site: http://www.fedders.com/
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