Commerce Energy Names C. Douglas Mitchell Chief Financial Officer
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Commerce Energy Group, Inc. (AMEX:EGR), a leading U.S. electricity and
natural gas marketing company, today announced the appointment of C.
Douglas Mitchell as its chief financial officer. Mitchell, 57, had been
the company’s interim CFO since January 2008.
"Doug has done an outstanding job during his
interim role at Commerce, giving us an opportunity to work closely
together during a critical transition period,”
said Gregory L. Craig, who was named chairman and chief executive
officer in February of this year. "His
understanding of our business, experience working with our management
team and breadth of financial acumen make him a natural fit for this
position.”
For the past six months, Mitchell had been serving Commerce in his role
as a partner at Tatum LLC, an executive services firm providing CFOs and
other professionals on an interim, outsourced basis. Prior to joining
Commerce, at Tatum, Mitchell also held interim CFO positions at Nexiant,
Inc., a provider of inventory management products; Borland Software
Corporation; and eTelecare Global Solutions, Inc., a multi-national call
center. In his position as CFO of Commerce, Mitchell will retain his
partnership interest in Tatum.
Previously a senior audit manager at Coopers & Lybrand, Mitchell also
served as senior vice president of Geneva Corporation, a merger and an
acquisition firm, and was part of the successful turnaround team at Del
Taco, Inc. He earned a Bachelor of Science degree in business
administration from the University of Southern California and is a
Certified Public Accountant.
"I am delighted to continue as part of the
senior management team at this important time in the company’s
development,” Mitchell said. "I
believe that Commerce has outstanding potential, and I look forward to
continue to contribute to the efforts of a management team that is
focused on executing a turnaround strategy and restoring growth momentum.” About Commerce Energy Group
Commerce Energy Group is a leading independent U.S. electricity and
natural gas marketing company. Its principal operating subsidiary,
Commerce Energy, Inc., is licensed by the Federal Energy Regulatory
Commission and by state regulatory agencies as an unregulated retail
marketer of natural gas and electricity and serves homeowners,
commercial and industrial consumers and institutional customers. For
more information, visit www.CommerceEnergy.com.
Forward-Looking Statements
Except for historical information contained in this release, including
those of Mr. Mitchell, may constitute forward-looking statements
regarding the company’s assumptions,
projections, expectations, targets, intentions or beliefs about future
events. Words or phrases such as "anticipates,” "believes,” "estimates,” "expects,” "intends,” "plans,” "predicts,” "projects,” "targets,” "will likely result,” "will continue,” "may,” "could” or similar
expressions identify forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve risks
and uncertainties which could cause actual results or outcomes to differ
materially from those expressed. Commerce Energy Group, Inc. cautions
that while such statements in this news release, whether express or
implied, are made in good faith and the company believes such statements
are based on reasonable assumptions, including without limitation,
management’s examination of historical
operating trends, data contained in records, and other data available
from third parties, the company cannot assure that its projections will
be achieved. In addition to other factors and matters discussed from
time to time in our filings with the U.S. Securities and Exchange
Commission (SEC), some important factors that could cause actual results
or outcomes for Commerce Energy Group, Inc. or its subsidiaries to
differ materially from those discussed in forward-looking statements
include: the success and effectiveness of the company’s
new management plans and strategies; higher than anticipated attrition
of company personnel, the volatility of the energy markets; higher than
expected attrition of, and/or unforeseen operating difficulties relating
to, customer accounts, competition, operating hazards, uninsured risks,
failure of performance by suppliers and transmitters, changes in general
economic conditions, seasonal weather or force majeure events that
adversely affect electricity or natural gas supply or infrastructure,
decisions by our energy suppliers requiring us to post additional
collateral for our energy purchases, uncertainties in the capital
markets should the company seek to raise additional equity or debt;
uncertainties relating to federal and state proceedings regarding the
2000-2001 California energy crisis; accounts receivable collection
issues caused by unfavorable changes in regulations or economic trends,
increased or unexpected competition, adverse state or federal
legislation or regulation, or adverse determinations by regulators,
including failure to obtain regulatory approvals. Any forward-looking
statement speaks only as of the date on which such statement is made,
and, except as required by law, the company undertakes no obligation to
update any forward-looking statement to reflect events or circumstances
after the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to
time, and it is not possible for management to predict all such factors.