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Maxwell Technologies Appoints David Schramm President & CEO


San Diego, CA — Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that it has appointed David J. Schramm president and chief executive officer, replacing Richard D. Balanson, PhD, who will remain a part-time employee of the company, functioning as a senior technical advisor.

Schramm, 58, has spent the bulk of his 36-year business career in a series of senior management and engineering positions with General Motors and its primary Tier I parts supplier, Delphi Automotive Systems and several of their divisions and subsidiaries. More recently, he was president and CEO of EADS North America Defense Test and Services, the U.S. subsidiary of the corporate parent of Airbus, and immediately before that was president and CEO of Arrowhead Products Corp., a leading supplier of specialty systems to the aerospace and automotive industries.

Balanson said that Schramm’s automotive and aerospace industry experience and contacts and strong technical background give him ideal credentials to accelerate the transition of the company’s core ultracapacitor business from basic research and product development to high-volume production of energy storage components and systems for transportation and industrial applications worldwide.

“We believe that the company is at an inflection point, so the time is right for this transition,” Balanson said. “David understands what Tier I automotive suppliers and transportation and industrial OEMs expect from a components supplier such as Maxwell, and he has the demonstrated leadership and operational skills to guide the company through the next phase of its growth and development.”

Commenting on behalf of Maxwell’s board of directors, Chairman Edward Caudill said, “We are pleased that Rich Balanson has agreed to stay on as a key advisor, and we acknowledge his outstanding contributions in building the company’s management team and creating a robust suite of industry-leading ultracapacitor products from what was little more than a promising technology when he joined Maxwell in 1999.”

Schramm holds a bachelor of science degree in chemical engineering from the Rose-Hulman Institute of Technology in Terre Haute, Indiana, and a master’s degree in management from Stanford University, where he was a Sloan Fellow. He has been active in numerous civic, philanthropic and educational organizations in Orange County, California, where he currently resides.

Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP® ultracapacitor cells and multi-cell modules and POWERCACHE® backup power systems provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDIS® high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications.


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