Comverge Appoints Interim CEO

Thermostats and home energy automation systems maker named Michael Picchi as interim president and chief executive while seeking a replacement to current CEO who is retiring.

EAST HANOVER, N.J. (AP) -- Comverge Inc. on Monday named an interim president and chief executive as the company seeks a permanent replacement to the current CEO, who is retiring. It also affirmed its fiscal 2009 outlook.

Michael Picchi, who is the company's chief financial officer, will temporarily take on the roles to be vacated by 61-year-old Robert Chiste.

Chiste's other position as chairman will be taken over by Alec Dreyer, lead director of the board. Comverge has created an operating committee to give management additional support as it searches for a new CEO and president.

Comverge makes smart thermostats, home energy automation systems and industrial facilities controls for the management of power in homes and businesses.

The East Hanover, N.J.-based company is forecasting 2009 revenue of over $90 million. It expects to manage an additional net 275 megawatts of capacity for customers, which would yield $150 million in estimated future revenue under long-term contracts. Comverge also expects to add a net 225 megawatts in open market programs.

Shares of Comverge were down 49 cents, or 4.5 percent, to $10.32 in afternoon trading.

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