Environmental Power Corporation (EPGRQ)

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Environmental Power Taps Kessel As CEO
Tuesday July 18, 7:58 am ET
Environmental Power Names Richard Kessel CEO, Concludes Management Restructuring


PORTSMOUTH, N.H. (AP) -- Environmental Power Corp., a developer of alternative energy facilities, on Tuesday said it named Richard Kessel president and chief executive.
The appointment, part of a larger management transition, was effective on July 17.

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Kessel, 56, takes over for Kamlesh R. Tejwani, who was Environmental Power's president and CEO since July 2003. Tejwani will remain vice chairman of the board of directors.

Kessel was most recently president and CEO of Suez Environment North America, a $1.3 billion water, wastewater and environmental management business. In his new role, Kessel will also serve as president of Environmental Power's subsidiary, Microgy Inc. He replaces Donald A. Livingston, who has been the acting president of Microgy since March.

The company said Kessel's appointment concludes a leadership transition initiated by the pending retirements of Livingston and Environmental Power Chairman Joseph E. Cresci. Cresci and Livingston will retain their board seats and additionally serve as consultants to the company. Cresci will continue as chairman until his retirement.

The company said the new leadership structure would also allow Tejwani to concentrate on the execution of the company's near-term financing strategies.

Environmental Power reported a net loss for the first quarter of 2006 of $1.4 million, or 15 cents per share.