Brenda J. Eprile (65) was appointed as Chair of Westport Fuel Systems' Board of Directors in February of 2017. Ms. Eprile joined the Board of Directors in October 2013. From 2000 to 2012, Ms. Eprile was a Senior Partner at PwC and led the Risk Advisory Services practice. From 1985 to 1997, Ms. Eprile had a distinguished career as a securities regulator in Canada, having held the positions of both Executive Director and Chief Accountant at the Ontario Securities Commission. Ms. Eprile is a Fellow Certified Professional Accountant (FCPA), and holds the ICD.D designation. She has a MBA from Schulich School of Business, York University. She is the former chair of the board of Home Capital Group, a TSX listed company and led the board through a severe liquidity crisis in April 2017 and the settlement of a significant regulatory action and compliance remediation. She was appointed to the board of Olympia Trust Company, a Canadian-based financial institution in 2018. As a consulting partner at PwC, Brenda assisted many Canadian clients including large global financial institutions in strengthening their compliance systems and culture.
Michele J. Buchignani (55) was appointed to the Westport Fuel Systems Board in March, 2018. Ms. Buchignani brings experience as a strategic business leader with extensive senior level expertise in law, finance, private equity, strategy, governance, compliance, risk management, and compensation. Ms. Buchignani is currently Chief Executive Officer of McLean Drive Consulting Ltd., a consulting firm to private equity owned and growth companies and also serves as Managing Partner of McLane Drive Holdings LP., a U.S. real estate holding company. She serves in board and advisory positions with several corporate and not-for-profit organizations including Copper Mountain Mining Corporation, a TSX listed company, TSX Trust Company, a federally regulated trust company, CAI Capital Partners V L.P., White House Design Company Inc., and The Fraser Institute. Her depth of Board experience includes serving as Chair of the Board of Directors, Chair of Governance and Human Resources committees as well as serving on Audit and Corporate Responsibility committees. Previously, Ms. Buchignani held executive positions including as a Director with Teachers’ Private Capital, the private equity arm of the Ontario Teachers’ Pension Plan in Toronto from 2005 to 2009; Managing Director and Head of the Private Equity Funds Group at CIBC Capital Partners in Toronto and New York from 1999 to 2003; and Managing Director, Canadian General Counsel and Head of Compliance for CIBC World Markets from 1996 to 1999. From 1989 to 1996, she practiced corporate law in Toronto and London at Stikeman Elliott and was elected as a partner in 1995. Ms. Buchignani holds the ICD.D designation from the Institute of Corporate Directors. Ms. Buchignani holds a Bachelor of Arts degree with Honours in English from the University of British Columbia and a JD from the University of Toronto. She has also completed the Stanford Executive Program at the Graduate School of Business at Stanford University.
Daniel M. Hancock was appointed to the Board in July 2017, having previously joined the Company's Advisory Board in March of 2017. Mr. Hancock is currently President of DMH Strategic Consulting LLC and also serves on the board of directors of Cryoport Systems, Inc., a U.S. headquartered company listed on the NASDAQ. Mr. Hancock retired from General Motors ("GM") in 2011, after 43 years of service in GM's powertrain engineering and general management functions. His last position with GM was Vice President, Global Strategic Product Alliances. During this period he served as Chairman of GM's DMAX and VM Motori diesel engine joint ventures with Isuzu and Fiat, respectively. Mr. Hancock's previous appointments at GM included: Vice President, Global Powertrain Engineering; CEO, Fiat-GM Powertrain; and President, Allison Transmission Division. In these positions he was responsible for providing powertrain products that enabled regulatory dynamometer and vehicle certification and compliance, primarily on emissions and fuel economy. Given the global footprints of these organizations, he was responsible for assuring compliance with multiple, diverse national legal entity regulations and requirements. He now serves in board and advisory positions with several organizations focusing on new powertrain technologies and STEM ("Science, Technology, Engineering, and Mathematics") education. He was President of SAE International in 2014 and is a member of the National Academy of Engineering. He received a master's degree in mechanical engineering from Massachusetts Institute of Technology and a bachelor's degree also in mechanical engineering from General Motors Institute (now Kettering University), Michigan.
Anthony ("Tony") Harris (65), was appointed to the Board in June of 2016. Since 2006, Mr. Harris has served as president and CEO of Campbell/Harris Security Equipment Company ("CSECO"), a manufacturer of contraband, explosives, and "dirty bomb" detection equipment. Prior to its acquisition of CSECO, he had served as Vice President of Marketing for Calpine Corporation since 2001, where he was responsible for brand management, marketing strategy development and execution, new product development, advertising and sales training. From 1997 to 1999, Mr. Harris was with PG&E Energy Services, where he served as Vice President of National Account Services and Western Region sales. From 1992 to 1997 he was with Pacific Gas and Electric Company where he served as Director of Alternative Fuel Vehicles, Division Manager, Vice President of Marketing and Sales, and President of Standard Pacific Gas Line, Inc., respectively. Mr. Harris worked at Ford Motor Company as a Production Supervisor from 1979 to 1981, at Ford Aerospace and Communications Corporation as a Program Manager from 1981 to 1986, at Anaheim Lincoln Mercury as a General Manager from 1986 to 1987 and at Sonoma Ford Lincoln/Mercury as President & CEO from 1987 to 1992. Mr. Harris holds a Bachelor of Science in mechanical engineering from Purdue University and an MBA from the Harvard Graduate School of Business. He was named a Purdue Outstanding Mechanical Engineer in 1999, a Distinguished Engineering Alumnus in 2008 and awarded an honorary Doctor of Engineering degree from Purdue in 2013. Mr. Harris is a founder of the National Society of Black Engineers and advisory Board.
David M. Johnson (52), was appointed Chief Executive Officer in January 2019 and is a member of the Westport Fuel Systems Board of Directors. Mr. Johnson is an industry veteran with more than 25 years of experience leading engine and vehicle development for automotive and commercial vehicle industries around the world. Prior to his appointment, Mr. Johnson served for ten years as President and Chief Executive Officer of Achates Power Inc. leading technical, commercial and corporate development to establish the organization as a leading developer of opposed-piston engines. Mr. Johnson’s distinguished career began in 1990 with Ford Motor Company in Truck Powertrain Planning. He subsequently held a variety of roles in engineering, product planning, program management, and strategic development with increasing responsibility. Since then Mr. Johnson has served in a variety of roles with leading automotive companies including senior roles at Navistar and General Motors. Mr. Johnson combines deep technical expertise with a decades-long career in international markets. He earned a Master of Business Administration and a Bachelor of Science in Mechanical Engineering from Cornell University.
Colin S. Johnston (64), was appointed director in June of 2016. He currently serves as Chairman of the Audit Committee and as a member of the Human Resources and Compensation Committee. Mr. Johnston served as a director of Fuel Systems Solutions Inc. from May 2014 to May 2016. Since 2013, Mr. Johnston has also been chairman of the statutory audit committee of CLN group, a global automotive component supplier headquartered in Italy. Prior to that Mr. Johnston worked for over 35 years in the international accounting profession, including 22 years as a partner in Arthur Andersen, then Deloitte & Touche in Italy through 2012. Mr. Johnston has extensive experience in auditing, accounting, financial reporting, internal control and governance for multinational corporations, primarily in the manufacturing sector (in the automotive, aerospace, consumer products and textile industries). While in professional practice, he worked as lead client service partner for major public and private Italian groups, including foreign registrants with the SEC, as well as for Italian subsidiaries of US groups. Mr. Johnston is a graduate of Oxford University, a UK chartered accountant, and a registered statutory auditor in Italy.
Rodney Nunn (75), joined the Board of Directors in March 2016. Mr. Nunn served as President and Chief Executive Officer of KSR International Co. from 1976 to 2011 and from November 2015 until present. KSR is an industry leader in the design, engineering and manufacture of an array of automotive products, including sensors, electronic throttle controls, steering system control modules, MOSFET power modules and adjustable & fixed pedals. KSR's production facilities are strategically located globally on four continents. KSR is a vertically integrated manufacturing company located near its customers to provide quick response, cost containment and local expertise. Executive and engineering offices are headquartered in Ridgetown, Ontario (Canada) and sales are in Southfield, Michigan, USA. Rod graduated from Technical College in England in 1963 with a U.E.I. and City of Guilds Certificate in Industrial Engineering.
Peter Yu (57), joined the Board of Directors in January 2016. Mr. Yu is Founder and Managing Partner of Cartesian, a global private equity firm with more than $2.5 billion under management. Prior to founding Cartesian, Mr. Yu founded and served as President and Chief Executive Officer of AIG Capital Partners. He built AIG Capital Partners into a leading global private equity firm with $4.5 billion under management. Over his career, Mr. Yu has initiated, negotiated and executed numerous innovative and successful investments across a wide range of industries and geographies. He has served as a director and advisor to more than two dozen industry-leading companies. Prior to founding AIG Capital Partners, Mr. Yu served President Bill Clinton as Director to the National Economic Council in the White House. In that capacity, he managed a number of domestic and international economic policy initiatives and priorities. Mr. Yu graduated magna cum laude from Harvard Law School, where he served as President of the Harvard Law Review. Mr. Yu served as a law clerk to Justice John Paul Stevens of the United States Supreme Court and to Chief Judge Patricia Wald of the U.S. Court of Appeals for the D.C. Circuit. Mr. Yu received his B.A. degree from the Woodrow Wilson School at Princeton University.
David M. Johnson was appointed Chief Executive Officer in January 2019 and is a member of the Westport Fuel Systems Board of Directors. Mr. Johnson is an industry veteran with more than 25 years of experience leading engine development for automotive and commercial vehicle industries around the world. Prior to his appointment, Mr. Johnson served ten years as President and Chief Executive Officer of Achates Power Inc. leading technical, commercial and corporate development to establish the organization as a leading developer of opposed-piston engines. Mr. Johnson’s distinguished career began in 1990 with Ford Motor Company in Truck Powertrain Planning. He subsequently held a variety of roles in engineering, product planning, program management, and strategic development with increasing responsibility. Since then Mr. Johnson has served in a variety of roles with leading automotive companies including senior roles at Navistar and General Motors. Mr. Johnson combines deep technical expertise with a decades-long career in international markets. He earned a Master of Business Administration and a Bachelor of Science in mechanical engineering from Cornell University.
Richard Orazietti was appointed Chief Financial Officer in September of 2019. Mr. Orazietti has had a distinguished career as a finance leader with expertise across multiple finance disciplines and extensive experience working with business and operational management to drive change and improve performance. Prior to joining Westport Fuel Systems, he served as Senior Vice President, Treasurer of Goldcorp, Inc., a former NYSE and TSX listed senior gold producer, where he was responsible for financing the company’s strategic and operating objectives and managing risk exposure. Previously, he also held roles as Senior Vice President, Controller and Vice President, Internal Audit. Prior to Goldcorp, Mr. Orazietti served as Vice President, Finance at BCE Inc., Canada’s largest communications company, where he led the financial management of various operating divisions during a period of significant change in the industry. He brings extensive experience in corporate finance, risk management, financial reporting and control, operational management, strategic planning and in leading change. He is a Chartered Professional Accountant (“CPA”) in British Columbia and holds a Global Executive MBA from the IESE Business School at the University of Navarra and a Bachelor of Business Administration from Simon Fraser University. Mr. Orazietti is also fluent in French, Italian, and Spanish.
Jim Arthurs is Executive Vice President, at Westport Fuel Systems. Mr. Arthurs joined Westport Fuel Systems in 2011 and has overseen the development of Westport’s heavy-duty engine and fuel system technologies, including the Westport HPDI 2.0™ system. He is a member of the Board of Directors of Cummins Westport Inc., a joint venture company owned equally by Cummins Inc. and Westport Fuel Systems that designs, engineers and markets spark-ignited natural gas engines for medium- and heavy-duty transportation applications. Previously, Mr. Arthurs was President of Cummins Westport Inc. from 2012 to 2013 and led the development of the Cummins Westport ISX12 G natural gas engine. Prior to that, he was Vice President, Cryogenic Systems and Vice President, Operations. Before joining Westport Fuel Systems, Mr. Arthurs was a Managing Partner and Co-Founder of i3 Transition Partners LLP, a management consulting firm that specialized in business assessments and helping companies plan for and implement strategic change. Over his career, he has held senior sales, operating and executive management positions at several companies including IBM, Weyerhaeuser, the Loewen Group and the Jim Pattison Group. Since 2004, he has been a member of the board of directors of Western Forest Products Inc., an integrated forest products company. He has been a member of the Audit Committee of Western Forest Products since 2004 and from 2010 through 2019 he was Chairman of the Audit Committee. Mr. Arthurs holds a BSc degree in Computer Science from the University of Calgary.
Massimiliano Fissore is Senior Vice President, Independent Aftermarket & DOEM at Westport Fuel Systems. Since 2016, Mr. Fissore has served as CEO of the M.T.M. Srl subsidiary, responsible for the full management of the different businesses and divisions, including the subsidiaries located in South America and Asia. Previously he served in the role of General Manager, M.T.M. Srl from October 2014 to July 2016. He has spent most of his career in the alternative fuel industry, developing liquid petroleum gas ("LPG") and compressed natural gas ("CNG") products, technologies, and markets. From 2010 to 2014, Mr. Fissore was General Manager of the CNG Refueling Division of M.T.M. Srl, responsible for the development of the business of CNG compressor and refueling equipment branded Cubogas. In 2007, Mr. Fissore joined Zavoli and became CEO of Zavoli from 2007 to 2010. In 2003, Mr. Fissore joined McCormick Mexico, a subsidiary of Argo Tractors-an Italian company that produces agricultural tractors-and became CEO of McCormick Mexico from 2003 to 2007. From 1997 to 2003, Mr. Fissore was CEO of BRC Argentina and WMTM Brazil. He has a law degree from the University of Turin in Italy and currently also serves as Chairman of M.T.M. Srl (a Westport Fuel Systems company).
Lance Follett is Senior Vice President of Corporate Development, Legal and Intellectual Property. He joined Westport Fuel Systems in 2001 as intellectual property counsel and has worked in a variety of capacities including Vice President of Licensing, Vice President of European Partnerships and Senior Vice President of Corporate Development and Intellectual Property. He assumed his current role in early 2017. He has an extensive background in market development, intellectual property protection and licensing, mergers and acquisitions, and structuring and negotiating international technology deals in the energy, high tech, alternative energy, and automotive space. Mr. Follett is a member of the Law Society of British Columbia and a registered Patent Agent. He holds a B.Sc. (Hons) degree from the University of British Columbia, a J.D. from the University of Victoria and has completed executive programs at Harvard and INSEAD. Prior to joining Westport Fuel Systems, Mr. Follett practiced law at one of Canada’s national law firms where he focused on intellectual property litigation. Prior to his career as a lawyer, he also had a successful career as an acquisition geophysicist. He has lived and worked extensively in North America, Europe, South America, and Asia.
Anders Johansson was appointed Vice President, Heavy-Duty OEM and General Manager, Gothenburg Operations in 2019. Anders leads the core team that is responsible for global heavy-duty operations, OEM partnerships, and customer interface following the successful commercial launch of Westport HPDI 2.0™ in 2018. As Managing Director of Westport AB, he oversaw the development, build, and installation of natural gas fuel systems for Volvo Car Group’s V60, V70, and V90 bi-fuel vehicles at the Westport AB facility in Gothenburg, Sweden. Mr. Johansson joined Westport Fuel Systems in 2011 as part of the Company’s acquisition of Alternative Fuel Vehicles ("AFV") Sweden, an organization he co-founded in 2008. With almost 20 years of extensive experience in the automotive industry, he has held various technical, research, and management roles at Volvo Car Corporation and Ford Motor Company specific to alternative fuel technology. Anders led part of the C1 vehicle platform development; a joint development between Volvo Car, Ford, and Mazda in 2004. He was also part of the first Volvo Car domestic production launch in China at the Changan Ford factory in Chongqing, China in 2007. Mr. Johansson holds a Master of Science Degree from Chalmers University of Technology in Gothenburg, Sweden granted in 2000.
$6.0 Million of Principal Payments Deferred to Improve Liquidity
Westport Fuel Systems today announced it will temporarily suspend production at its facilities in Cherasco and Albinea, Italy.
Strong 2019 Financial Performance
Westport Fuel Systems today announced the decision to temporarily suspend production in its Brescia, Italy facility effective immediately.
Westport Fuel Systems Inc. today announced that it will disclose its financial results for the fourth quarter and year ended December 31, 2019 on Tuesday, March 17, 2020 after market close.