LeRoy Nosbaum is to retire as executive chairman of Itron’s Board of Directors at the end of the year, concluding 13 years of service with the company, including 8 years as chairman.
Jon Eliassen, an independent director since 1987, has been elected chairman effective January 1, 2010.
“LeRoy has made significant contributions to Itron’s growth and leadership during his tenure,” said Malcolm Unsworth, president and CEO of Itron. “He led the company through many strategic acquisitions and he leaves Itron well positioned to take advantage of the opportunities that are happening in this industry. We wish LeRoy the best of luck in this next phase of his life and I look forward to working with Jon in his new role as chairman of the Board.”
Itron is adopting the independent chair model as a way to more closely align the board with shareholders and strengthen the development of an independent board. The Board of Directors will periodically review the new model to determine whether the separation of the two positions continues to be in the best interests of shareholders.
Eliassen is managing director of Terrapin Capital Group, LLP, a private investment firm. Prior to forming Terrapin, he was president and CEO of the Spokane Area Economic Development Council and held numerous positions within Avista Corporation before retiring in 2003 as senior vice president and chief financial officer.
Nosbaum has been a director of Itron and CEO since 2000, and chairman of the board since 2002. He joined the company in 1996 and had executive responsibilities for manufacturing, product development, operations, and marketing before he was promoted to CEO.