Ener1 Changes Senior Management Team to Aid in Business Transformation

November 07, 2011 by Jeff Shepard

Ener1, Inc. announced that Alex Sorokin has joined the company as interim chief executive officer to lead the company’s continuing efforts to improve its performance and shift its business toward heavy-duty transportation and electric grid energy storage applications. Nicholas Brunero, who has served as Ener1’s general counsel since 2008, has accepted the additional role of interim president. In addition, Dale E. Parker, a seasoned financial executive and currently chairman of the board of HickoryTech Corp., will serve as interim chief financial officer.

Both Chris Cowger, who most recently served as chief executive officer, and Jeffrey Seidel who served as chief financial officer, have resigned from the company. Messrs. Cowger and Seidel will remain available to management under new consulting agreements to ensure a smooth transition and assist in the company’s transformation efforts.

"Alex and Dale bring a strong combination of operational and financial expertise with companies that are undergoing change," said Thomas J. Snyder, non-executive chairman of the board, Ener1, Inc. "Together with Nick Brunero, who has been a part of nearly every facet of our business over the last three-and-a-half years, they will sharpen our focus on how we leverage Ener1’s energy storage expertise, while implementing a sustainable structure to support our go-forward business strategy. We want to thank Chris and Jeff for their service to the company, and for their commitment to its potential, and we’re pleased that they will continue to work with us to position the company for the future."

Sorokin brings nearly thirty years of experience successfully leading companies through periods of transition and transformation. Prior to joining Ener1, he has assisted more than 30 companies in restructuring and improving their businesses in the U.S. and internationally across a range of industries including technology, transportation and heavy manufacturing.

Brunero has served as vice president, general counsel and corporate secretary of Ener1 since January 2010. He was previously the company’s vice president and deputy general counsel from March 2008 to December 2009. Prior to joining the company, Brunero was an attorney at the law firm of Duval & Stachenfeld LLP, where his practice focused primarily on the representation of financial institutions in connection with commercial litigations. He will retain his general counsel responsibilities, in addition to his new role as interim president.

In addition to his role as chairman of the board of HickoryTech, Parker served in senior financial positions for industrial companies, including as CFO of Neenah Industries, PaperWorks Industries, Forest Resources and Appleton Papers. From 1975 to 2000, he held financial positions of increasing responsibility at Black Clawson Companies, a manufacturer of capital equipment for the paper and plastics industries.