Protonex Names Paul Osenar as President and CEO

November 08, 2010 by Jeff Shepard

Protonex Technology Corp. announced that it has named Dr. Paul Osenar as President and Chief Executive Officer. Osenar is a co-founder of Protonex and has served as its Chief Technology Officer since 2004 and on the company’s Board of Directors since inception. Scott Pearson, the President and CEO for the last six years, will remain with the company in a non-executive capacity, assuming the role of Chairman of the Protonex Board of Directors. Harry Fitzgibbons, the Chairman of Protonex since May 2006, will remain on the board as a non-executive director.

Coincident with these leadership changes, Protonex has implemented a set of operational changes to focus the company exclusively on the military segment of its business and to significantly reduce its expenses. The military business at Protonex continues to be robust, well-funded and is expected to provide solid growth for several product platforms. The non-military markets that the Company was previously targeting continue to be negatively impacted by macro-economic factors and have developed more slowly than expected. While Protonex has decided not to pursue these non-military segments today, it is possible that the company would restart these efforts in the future if conditions improve.

"Paul Osenar has always been a driving force behind Protonex, particularly on the military side of our business. He is an outstanding leader, a talented manager and is fluent in all facets of our business," said Scott Pearson. "Paul is the perfect choice to lead the Company going forward and the Directors are excited about what he and his team can deliver."

"I am excited for this opportunity to lead the Protonex team and to continue the important work we’ve done to date," said Dr. Osenar, Protonex’s newly appointed President and CEO. "The Company’s strong proprietary technology base, established military partnerships, and exciting suite of new products provide a strong foundation and the basis of a highly valuable, industry-leading company."

Dr. Osenar has been with Protonex since its founding in October of 2000. Prior to Protonex, he was Project Scientist at Foster-Miller working on novel proton exchange membranes for fuel cells and several other advanced technology programs. Dr. Osenar has extensive fuel cell knowledge and broad experience in the development and commercialization of advanced materials and systems. In co-founding Protonex, Dr. Osenar played a key role in identifying both the technical strategy and market focus of the Company. Since its inception, Dr. Osenar has been responsible for driving the technical direction of the Company and its products. In addition, he has played a key role in company financings, business development, sales, and resource acquisition and allocation.