Axion International announced today that its current president and COO, Steve Silverman, will change roles to become the company’s new Chief Executive Officer. Effective immediately, Silverman will still retain his title as president. Jim Kerstein, Axion’s current Chief Executive Officer and Chief Technology Officer, will continue as CTO.
Mr. Kerstein remarked, “This is an exciting period for Axion. As we move into a high-growth phase of our development I am pleased to hand over the position of CEO to such a highly qualified management executive thereby allowing myself to focus on continued business and technology development. Steve’s organizational management and decision-making experience across various emerging companies will provide Axion and its shareholders with a new and exceptionally dynamic leader. As proven with his successful management style and various new contract-wins since his appointment as Axion’s President and COO, I have absolute confidence that Steve is the executive to fulfill our strategic goals as we position Axion as a major building supply company. I look forward to working with Steve to continue building Axion.”
Since joining Axion in October 2010, Mr. Silverman has been instrumental in Axion’s product management initiatives, and the development of strong corporate partnerships. Previously, Mr. Silverman was a major contributor to a five-fold increase in revenues at Archbrook Laguna, LLC. He led the company’s diversification strategy, formed unique joint ventures with international companies, and held a key role in the company’s organizational restructuring and long-term strategic development. He also led the merger team that integrated BDI and Laguna into one company.
“I am honored and excited to accept the appointment of Axion’s Chief Executive Officer and I couldn’t agree more that we are entering an exciting phase in Axion’s development,” said Mr. Silverman. “Jim and the company have done a tremendous job developing Axion’s unique recycled plastic technology with Rutgers University and proving its efficacy across numerous industrial applications, which in many respects is the most difficult aspect of developing an innovative product. Moving forward we plan to further strengthen our capital structure and product management initiatives, while simultaneously accelerating our growth by bringing Axion’s game-changing structural composites to mass market. Building upon our prior success, Axion will continue to develop strong partnerships and drive our proven materials into widespread acceptance across the rail, marine and heavy road and bridge-building industries.”
He continued, “As 2011 unfolds, I look forward to leveraging Axion’s proven industry performance to become the leading provider of alternative structural building products, all while maintaining a keen focus on revenue growth and an unequivocal commitment to shareholder value.”
Axion’s Board of Directors also announced that it has approved the change of Axion’s fiscal year-end from September 30 to December 31 to bring the company in line with a more traditional financial reporting calendar. The company will file its Form 10K within the required time frame for the transition period ending December 31, 2010.