Power Solutions International Announces the Appointment of Lance Arnett as its Chief Executive Officer

John P. Miller To Retire From the Company

WOOD DALE, Ill., Feb. 16, 2021 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (“PSI” or “the Company”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced that effective February 15, 2021, it has appointed current chief commercial officer Lance Arnett as its chief executive officer to succeed John P. Miller, who will be retiring from the Company following a 90-day transition period.

Shaojun Sun, chairman of the board, commented, “We are grateful for John’s contributions during a period of transformation and wish him well in his retirement. During John’s tenure at PSI, we had numerous achievements including substantial growth in the business through 2019, the successful completion of the financial restatement, the introduction of numerous engines to the Company’s product portfolio, and the buildout of the management team, among several others.”

“With the progress that we’ve made over the last several years, the board and I believe that Lance is the ideal person to build on our accomplishments. He is a seasoned business development and operational professional, who will serve us well as we continue to build out our product portfolio, expand our business and seek long-term growth.”

Lance Arnett commented, “I am excited and honored to take on the role of CEO at PSI. Working as chief commercial officer over the past year has afforded me a deep knowledge of our customer relationships, market opportunities and our advanced products and solutions.”

Arnett added, “I am optimistic about our business prospects, given our strong partnership with Weichai, as we continue to bring new engines to market and explore opportunities to expand beyond our industry leading natural gas, propane, wellhead gas, and gasoline engine solutions to include new energy products such as energy storage, fuel cell, and electrification solutions to address the complex, multifaceted needs of our customer base.”

Mr. Arnett, who has more than 25 years of sales, business development and operational experience, has served as PSI’s chief commercial officer since November 18, 2019. Prior to joining the Company, from January 2009 to November 2019, he worked at Cummins Inc., a NYSE-listed global company that designs, manufactures, distributes and services a broad portfolio of power solutions. During his tenure, he served in various capacities for Cummins Central Region in Minnesota, most recently serving as director and chief of staff of their North American OEM Performance Cell. In this capacity, he oversaw direct strategy for their North American business including sales, engineering, assembly and upfit, pricing, marketing, and customer support. His previous roles at Cummins Central Region include serving as interim president, vice president of OEM business, vice president of OEM and customer care and executive director of operational effectiveness. Prior thereto, from 2006 to 2009, he worked as business development manager for PreVisor, Inc. and, from 2001 to 2006, he served as director, franchise sales and development at Mighty Distributing System of America (Mighty Auto Parts). Earlier in his career, he served in management and sales roles within the staffing industry. Mr. Arnett has a Bachelor’s degree in Economics from The Ohio State University and a Master’s in Business Administration from the University of St. Thomas.