Westport Aligns Board for Merger with Fuel Systems
Vancouver-based Westport Innovations Inc., which engineers natural-gas engines and vehicles, announced a restructuring of its board in preparation for the previously announced merger with Fuel Systems Solutions Inc., which provides natural-gas transportation, infrastructure and industrial products.
Warren Baker, an existing director, has been appointed Westport’s chairman.
Baker succeeds Jill Bodkin, a board member since 2008 and chairman since 2014. Bodkin remains a director.
Also, Doug King, a board member since 2012 and chairman of the audit committee, has resigned from the board.
Westport said in a statement that it intends to make room for three proposed new board members to be added as part of the merger with New York-based Fuel Systems Solutions, including two independent directors, currently members of the board of Fuel Systems Solutions, “to effectively oversee the integration and value enhancement programs expected to be part of the merger.”
Westport said changes to its board include the appointment of Brenda Eprile to chair the audit committee, Dezsö Horváth named as chair of the human resources and compensation committee, and Warren Baker named as chair the nominating and corporate governance committee.
“The board wishes to thank Doug King for his ongoing support and leadership and Jill for her commitment over the last year as chairman,” said Chairman Baker. “Doug's financial acumen was a critical part of our board and audit committee, and has been an integral part of our evolution and technological innovation and we wish him every success in his next adventure.”
Westport and Fuel Systems in September agreed on a merger valued at $351 million to capitalize on opportunities when alternative fuel markets improve. The combination of Westport and New York-based Fuel Systems Solutions is structured as a stock swap for two money-losing companies whose annual revenue could reach $405 million this year.
