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Alvarez & Marsal’s Caruso to Named President, CEO of Exide Technologies

July 26, 2013, 07:58 AM
Filed Under: Turnaround Management

Exide Technologies announced that effective July 31, 2013, James R. Bolch has voluntarily stepped down from his positions as president, chief executive officer and a member of the Board of Directors of Exide in order to pursue other opportunities.  In connection with his resignation, Bolch has agreed to provide transition services through November 29, 2013.

The company also announced that Robert M. Caruso, of Alvarez & Marsal, who has acted as Exide's chief restructuring officer since June 2013, will cease serving as chief restructuring officer and be appointed president and chief executive officer, and Ed Mosley, also of Alvarez & Marsal, will be appointed chief restructuring officer, each effective as of August 1, 2013.    

"We want to thank Jim for his leadership of the company over the last three years and during this initial phase of our reorganizational efforts.  We wish him all the best in his future endeavors," said Jack Reilly, chairman of the Board of Directors. "We are delighted and extremely fortunate to have executives of Bob's and Ed's character, knowledge and restructuring expertise to set the company on a long-term path to success."

Exide Technologies, with operations in more than 80 countries, is one of the world's largest producers and recyclers of lead-acid batteries.

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