Comverge (COMV) Names Picchi Interim President, CEO; Dreyer Appointed Chairman; Confirms FY09 Outlook

June 22, 2009 8:11 AM EDT

Comverge, Inc. (Nasdaq: COMV) today announced that Michael Picchi, Executive Vice President and CFO of Comverge, has been appointed to the additional role of Interim President and CEO, and that Alec Dreyer, currently Lead Director of Comverge's Board, has been appointed Chairman. These appointments follow Robert Chiste's decision to retire as Chairman, President, CEO and as a director of the Company.

Comverge's Board of Directors will work with an executive search firm to help identify candidates to lead the Company. To help ensure a smooth transition, the Board has also established a new operating committee to provide additional management support during this interim period.

The Company today confirmed its FY09 outlook. In particular, the Company continues to expect that it will:

• Report full year fiscal 2009 revenues that exceed $90 million;
  
• Add a net 275 megawatts of capacity under long-term contracts. As previously announced, 53 megawatts of capacity under long-term contracts were added during the first quarter of 2009;
  
• Add a net 225 megawatts in open market programs. As previously announced, 197 megawatts were added in open market programs during the first quarter of 2009; and
  
• Add a net $150 million increase in the amount of estimated future revenues from long-term contracts. As previously announced, $52 million in estimated future revenues were added in the first quarter of 2009.

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