Power Solutions International Announces Leadership Transition

Dino Xykis appointed by the Board as Interim CEO

WOOD DALE, Ill., June 02, 2022 (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 its current Chief Technical Officer, C. (Dino) Xykis, was appointed by the Company’s Board of Directors to the additional role of Interim Chief Executive Officer, effective June 1, 2022. Mr. Xykis succeeds Lance Arnett, who resigned from the Company effective May 31, 2022, to pursue other interests.

Fabrizio Mozzi, Chairman of the Board and the Executive Committee, commented, “We are grateful for Lance’s contributions to PSI and wish him well in the future. In the meantime, the Board has the utmost confidence in Dino’s ability to lead PSI as interim CEO until such time that we name a permanent CEO, which the Board is actively searching for. We look forward to working closely with him to continue executing on our business objectives and on the achievement of the 2022 outlook that we laid out in May, which includes full year 2022 sales growth of at least 3% and for our gross profit as a percentage of sales to improve by at least 5 percentage points versus 2021.”

Xykis commented, “I am very honored to assume this role and look forward to working closely with Fabrizio, the rest of the board, and my colleagues at PSI as we continue on the expansion of our engine portfolio and work to generate improved financial results.”

Mr. Xykis, who has more than 30 years of professional experience in multi-disciplined engineering areas including senior management and executive positions, was appointed as the Company’s Chief Technical Officer on March 15, 2021. Since that time, Mr. Xykis has been responsible for the oversight of the Company’s advanced product development, engineering design and analysis, on-highway engineering, applied engineering, emissions and certification, Waterford, Michigan engineering operations, program management and product strategic planning. Since joining the Company in 2010 and until his appointment as Chief Technical Officer in March 2021, Mr. Xykis served as Vice President of Engineering for the Company. Prior to joining PSI, his previous professional experience in multi-disciplined engineering areas including senior management and executive positions includes service at various companies including Cummins Inc., and Generac Power Systems, both of which are publicly traded. Mr. Xykis also served as Adjunct Professor of Mechanical Engineering and Mechanics at the Milwaukee School of Engineering and previously served on the audit and compensation committees of the Board of Directors of Image Sensing Systems, a publicly traded company on NASDAQ, from 1996 to 2001. Mr. Xykis also served on the advisory board of CEGE, College of Science and Engineering, University of Minnesota for eight years.