GridPoint Begins CEO Transition to Guide the Next Phase of Growth
Names John B. Spirtos interim CEO, succeeding Peter L. Corsell
ARLINGTON, VA – Oct. 14, 2010 − The Board of Directors of GridPoint, Inc., an established leader in smart energy solutions, announced today that it has appointed John B. Spirtos as interim Chief Executive Officer, succeeding Peter L. Corsell, who will remain involved as non-executive Chairman of the Board. Mr. Spirtos will assume the role of interim Chief Executive Officer while the Board conducts an internal and external search for the company’s next Chief Executive Officer.
Mr. Corsell founded GridPoint in 2003 and has served as its CEO since that time, leading the company’s growth from startup to a leader in the smart energy industry. In September 2008, Mr. Corsell brought Mike R. Lach to the Company, who has a proven record of building strong organizations that focus on operational excellence. Having accomplished these goals, Mr. Lach has chosen to step down as President and Chief Operating Officer to pursue other interests.
“During the past few years, GridPoint has evolved into a leading provider of smart energy solutions and the company has reached a natural inflection point for a management transition," said Mr. Corsell. “As an insider who knows the company and our markets well, John Spirtos is well positioned to take over at this time. As Chairman, I remain fully committed to the success of GridPoint, and will be working closely with the Board and management to continue creating value for shareholders,” Mr. Corsell continued.
“With the company’s strong operating platform in place, Peter has indicated he would like to step back from a day to day role in the Company. GridPoint has grown both organically and through several acquisitions, thereby expanding the customer focus and solution base of the company. The Board believes that this is a time of great opportunity for GridPoint and that the company is well-prepared for this transition,” said J. Roderick Heller III, lead independent director of the Board. "John's knowledge of GridPoint and his achievements both here and at other companies make him a strong choice to lead the Company," continued Mr. Heller.
“As GridPoint has developed technology and also acquired and integrated businesses over the past 36 months, we created a leading smart energy company focusing on energy management solutions for enterprise and commercial customers, as well as utilities. Given the growth in our business and customer base, I am excited to lead our team as we continue our efforts to scale our business operations,” said Mr. Spirtos.
In conjunction with this management change, GridPoint is continuing to execute on its operating plan, including a realignment of its operational structure. The company’s primary focus will center on providing smart energy management solutions and renewable integration to enterprise and utility customers.
Background on John B. Spirtos
John B. Spirtos is Executive Vice President and Chief Strategy Officer and responsible for the company’s strategic development including new business initiatives, corporate partnerships, and mergers and acquisitions activity. Prior to GridPoint, Mr. Spirtos was Senior Vice President of Comverse Technology (NASDQ; CMVT), the leading billing and messaging software provider to the global communications industry. Previously, Mr. Spirtos was Senior Vice President of NeuStar, Inc. (NYSE; NSR), a provider of clearinghouse and directory services to the communications and Internet industry, and President of Corvis Corporation and its wholly owned subsidiary, Broadwing Communications, LLC (NASDQ; BWNG), an integrated communications equipment and services provider.