DALIAN, China, Nov. 30 /PRNewswire-Asia-FirstCall/ -- Fushi Copperweld, Inc., (the "Company") (Nasdaq: FSIN), the leading global manufacturer and innovator of copper-clad bimetallic wire used in a variety of telecommunication, utility, transportation and other electrical applications, today announced the appointment of Joseph J. Longever as co-Chief Executive Officer, effective November 23, 2009. The position of co-CEO of the Company was approved by a unanimous vote of the Board of Directors, reflecting the Company's growth and its numerous opportunities for continued expansion throughout the world.
Mr. Longever was previously Executive Vice President and Chief Commercial Officer of the Company and will serve alongside Fushi Copperweld's current CEO, Li Fu. Mr. Fu's role at the Company and his position as Chairman of the Board will remain unchanged as result of Mr. Longever's appointment.
On behalf of Fushi Copperweld's Board of Directors, Mr. Fu said, "Joe's technical and industry expertise make him ideally suited to lead Fushi Copperweld's growing businesses worldwide. As co-CEOs, Joe and I will build upon the tremendous progress and industry leading position we have been able to achieve since becoming a publicly traded company. Initiating a co-CEO relationship further signifies our efforts to organize ourselves for continued growth by developing and placing executive talent in increasing levels of leadership."
"As we grow and expand our business and set aggressive goals for our continued growth, Joe's talents will be more focused on charting strategy, the Company's philosophy, mission, business integration and expanded global footprint," said Mr. Fu. "Joe has significant experience developing markets for bimetallic products in a wide range of applications throughout the world. This appointment recognizes the successful partnership that Joe and I have enjoyed since he joined the Company, as well the significant achievements of this Company under his leadership."
Mr. Longever joined the Company in July of 2009 and was appointed Executive Vice President and Chief Commercial Officer. Mr. Longever has more than 25 years of bimetallic products experience and over 29 years of experience in sales and manufacturing management.
"Simply put, my mission will be to work with Mr. Fu to develop the strategies that express his vision for further growth and to integrate our businesses worldwide," said Mr. Longever. "Our opportunities for continued growth are tremendous and together Mr. Fu and I, as well as the entire Fushi Copperweld management team, are determined to make sure we continue our success with strategies that serve investors in new and better ways. I am fully committed to and confident in the future of Fushi Copperweld and excited to have the opportunity to contribute to the continued success of the business, its shareholders and employees."
In addition to working more closely with Mr. Fu on the firm's strategic priorities, Mr. Longever will continue to direct the Company's worldwide sales forces.
Prior to joining the Company, Mr. Longever ran an independent Consulting Service he founded in 2007 which, in collaboration with clients strategic initiatives, directed all global activity including sales, marketing, supply chain development and management to a very diverse group of clients.
From 1999 to 2007 Mr. Longever held various Senior Management, Sales, Marketing and Operation positions within Copperweld Bimetallics ("Copperweld"), including Vice President and Chief Operating Officer. In his tenure with Copperweld, Mr. Longever played a central role in managing the operations and strategy of the Company with specific focus on global sales and corporate strategy. Among the key initiatives he led were the reorganization and redeployment of global sales assets during the 2001 telecommunications meltdown when Copperweld saw 85% of its revenues and profits derived from this market. As a result, Copperweld began to produce a product that served an alternative market segment, including new product applications, which generated new sales volume recovering approximately 30% of lost revenue while improving margins by 10%.
Mr. Longever has also served as Executive Vice President and General Manager at Crest Manufacturing Company; and held sales management roles at Texas Instruments. Mr. Longever, 56, holds a Bachelor's degree in Business Administration from the Nathaniel Hawthorne College in New Hampshire.
Fushi Copperweld has entered into a new employment agreement with Mr. Longever, the material terms of which are described in a Current Report on Form 8-K that the Company will file with the Securities and Exchange Commission. As part of Longever's equity compensation, Fushi Copperweld will grant certain stock options and restricted stock units pursuant to the Company's 2007 Stock Incentive Plan.
About Fushi Copperweld, Inc.
Fushi Copperweld, Inc. through its wholly owned subsidiaries, Fushi International (Dalian) Bimetallic Cable Co., Ltd., and Copperweld Bimetallics, LLC, is the leading manufacturer and innovator of copper-cladded bimetallic engineered conductor products used in the electrical, telecommunications, transportation, utilities and industrial industries. With extensive design and production capabilities and a long-standing dedication to customer service, Fushi Copperweld, Inc. is the preferred choice bimetallic products world-wide. For more information, visit: http://www.fushicopperweld.com .
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements.
Forward-looking statements can be identified by the use of forward-looking terminology such as "will" "believes", "expects" or similar expressions. These forward-looking statements may also include statements about our proposed discussions related to our business or growth strategy, which is subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov .
For more information, please contact:
Nathan Anderson
Vice President of Investor Relations
Fushi Copperweld, Inc.
Email: IR@fushicopperweld.com
Phone: +1-931-433-0482
