OTTAWA, CANADA, Oct. 11, 2001 — Dynex Power Inc. today announced the appointment of David F. Banks as a member of the Board of Directors and Chairman of the Company, effective immediately.
In separating the roles of Chief Executive Office and Chairman, Michael LeGoff said, “We are continuing to build a platform to support Dynex’s exciting growth expectations in the power semiconductor industry. Recruiting a Chairman to assist me in the development of the company is the next logical step following the strong board development we have already achieved this year.”
During his varied 33-year career in the financial and business world, Banks was the Executive Chairman of Newcourt Credit Group as well as the Chief Executive Officer of AT&T Capital Corporation. Previously he was a Senior Vice President with the Chase Manhattan Bank, President Financial Services Group of Continental Grain Company, and Finance Director of General Atlantic Group Limited. In addition, Banks was a principal in a UK-based private equity and advisory services company. He currently resides and operates in Toronto as a private equity investor. He brings a strong background in financial management, equity investing and marketing to the Dynex Board.
Banks is a graduate of Kenyon College and the University of Florida School of Law.
About the Company
Dynex Power Inc. is a global supplier of products and services in the field of power semiconductors, microwave sensors and other integrated circuit products. The Company’s power products are used to improve the reliability and quality of electrical power supply in power generation and distribution, marine and rail engines, induction heating, motor controls, telecommunications and automotive.
The sensor products are used as security alarm sensors in premiere motor cars. Dynex is headquartered in Ottawa, with sales offices in the United States and Paris, France. Manufacturing, silicon fabrication, marketing, sales, design and research & development are centered in its 160,000 square foot facility in Lincoln, UK.