Business News

Powell Industries Announces New CEO To Succeed Tom Powell

Monday 21. July 2008 - Tom Powell sets retirement date of September 30, 2008

Powell Industries, Inc. (NASDAQ:POWL), a leading manufacturer of equipment and systems for the management and control of electrical energy and other critical processes, today announced that Tom Powell, age 67, will retire as Chief Executive Officer, effective September 30, 2008, the end of the current fiscal year. At that time Patrick L. McDonald, age 55, current President and Chief Operating Officer, will succeed Mr. Powell as President and Chief Executive Officer. Mr. Powell will continue to serve as non-executive Chairman of the Board.

Tom Powell stated, “We initially announced this succession plan over a year ago to ensure a smooth transition. I have worked closely with Pat and am confident that he will continue to build on Powell’s past achievements and lead it to even greater success in the future. I know that we have the right leadership team in place for the future of Powell, its employees and its shareholders.”

Pat McDonald said, “I am very proud to be a part of the leadership team here at Powell and am extremely enthusiastic about this opportunity. We have excellent prospects in front of us and an exceptional group of employees. I look forward to the possibilities, challenges and future success of the Company.”

This move is consistent with the succession plan announced by Powell on February 26, 2007, at which time Mr. McDonald was named President and Chief Operating Officer of the Company. McDonald, who has 24 years of professional experience in the electrical business, joined Powell in February 2006 as general manager of Powell’s Electrical Power Products business in Houston and became a member of Powell’s board of directors on May 30, 2008.