SPOKANE, Wash., June 4, 2002 – Itron Inc. announced that LeRoy D. Nosbaum was elected as the new Chairman of the Board, at the Board Meeting following the company’s Annual Shareholder Meeting last Friday.
Nosbaum has been with Itron since 1996 and has served as CEO since March 2000. Nosbaum replaces S. Edward White, who stepped down as Chairman after two years, but will continue on the Board of Directors. “Over the last two years LeRoy has lead Itron to record setting financial and operating performance in one of the toughest environments any of us have seen in recent memory,” stated Ed White, retiring Chairman.
“His proven performance and more than 30 years experience in the industry will help Itron continue to advance its expanding vision for helping utilities and their customers optimize the delivery and use of energy and water.”
Nosbaum joined Itron in 1996, assuming executive responsibilities in product development, manufacturing, implementation, service and marketing before being promoted to CEO in March 2000. Said Nosbaum, “Being elected to the position of chairman of the board is a great honor, but more importantly it is a vote of confidence in the people of Itron and what we have, together, been able to achieve.”
Nosbaum holds a BS degree in electrical engineering from Valparaiso University and has more than 30 years of leadership and management experience with companies supplying the utility industry with metering and communications systems. In separate news, the company announced that 100% of the holders of the company’s remaining $38 million in convertible debt elected to convert during the redemption period that began April 25, 2002 and ended May 23, 2002, and that the company has issued approximately 1.6 million shares to retire the debt.
Itron is a leading technology provider and critical source of knowledge to the global energy and water industries. More than 2,000 utilities worldwide rely on Itron technology to deliver the knowledge they require to optimize the delivery and use of energy and water.
Itron clients use this knowledge to run their businesses more efficiently, reliably and profitably, to strengthen connectivity to their customers, and to meet the new business requirements of deregulated energy markets. Itron’s solution portfolio includes automatic meter reading systems to meet the requirements of all customer classes and service environments; web-enabled workforce management solutions; as well as transmission and distribution system design solutions and services.
Itron also provides advanced software solutions and consulting services for collection, analysis and application of load profile data, including enterprise-wide data access, data warehousing, load research, complex billing and settlement, and web-based data access and exchange. To know more, start here: www.itron.com.