Exhibit 99.1
1400 Union Meeting Road
Blue Bell, PA 19422
Phone: 215-619-2700
Shareholder Contacts:
Stephen E. Markert, Jr. of C&D: 215-619-7835
Joseph Crivelli of Gregory FCA, for C&D: 610-642-8253
FOR IMMEDIATE RELEASE
C&D Technologies, Inc. Appoints Dr. Jeffrey Graves New CEO
BLUE BELL, PA, June 22, 2005 -- C&D Technologies, Inc. (NYSE: CHP), a leading
North American producer and marketer of electrical power storage and conversion
products used in telecommunications and industrial applications, today announced
the appointment of Dr. Jeffrey Graves as its President and Chief Executive
Officer, effective July 5, 2005.
Dr. Graves, 44, is the former Chief Executive Officer of Kemet Electronics
Corporation, a manufacturer of high performance capacitor solutions, including
surface-mount capacitor technologies. He was employed at Kemet from July 2001
until January 2005. From 1994 through 2001, Dr. Graves held a number of key
leadership positions with General Electric Company's Power Systems Division and
Corporate Research & Development Center. While at GE, Dr. Graves led global
teams spanning the United States, Eastern Europe, India and Japan, to deliver
advanced power generation products and services to customers worldwide. Prior to
working for GE, Dr. Graves held various positions of increasing responsibility
at Rockwell International Corporation and Howmet Corporation.
Dr. Graves holds a Ph.D. and an M.S. in Metallurgical Engineering from the
University of Wisconsin and a B.S. from Purdue University. He was also among the
first Master Black Belts certified in GE's Six Sigma Program.
In his new role, Dr. Graves will focus on top line growth, acquisition
integration and process and production improvement. Given his background in the
power electronics space, Dr. Graves is also expected to foster collaborations
with key customers and provide enhanced leadership support to the recently
expanded Power Electronics Division.
Dr. Graves commented: "I look forward to this new challenge and the opportunity
to substantially improve profitability and solidify relationships with customers
globally." He continued: "Since its founding almost 100 years ago, C&D
Technologies has achieved renown for creating top quality back-up power systems
for its customers and, by virtue of its acquisitions of Celab, Datel and CPS,
has created a significant niche in the power electronics marketplace. My job
will be to ensure that C&D's quality reputation continues to be earned and to
fully capitalize on the potential of the recent acquisitions."
Dr. Graves takes over leadership of the company from George MacKenzie, a member
of C&D's Board of Directors, who served as interim CEO since March 24, 2005.
William Harral, III, non-executive Chairman of the Board of Directors, said of
the appointment: "Jeff has demonstrated outstanding leadership capabilities,
strong customer focus and superb marketing and technological skills. I am
confident that as C&D Technologies' new CEO, Jeff will open new vistas for the
company for the ultimate benefit of our stockholders, customers and employees."
This press release may contain forward-looking statements (within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934), which are based on management's current expectations and
are subject to uncertainties and changes in circumstances. Words and expressions
reflecting something other than historical fact are intended to identify
forward-looking statements, but are not the exclusive means of identifying such
statements. Factors that appear with the forward-looking statements, or in the
company's Securities and Exchange Commission filings (including without
limitation the company's annual report on Form 10-K for the fiscal year ended
January 31, 2005, or the quarterly and current reports filed on Form 10-Q and
Form 8-K thereafter), could cause the company's actual results to differ
materially from those expressed in any forward-looking statements made herein.
# # # # #