Akeena Solar, Inc. (AKNS) Eager to Diversify, Expands Management Team

In the company’s news yesterday,

Akeena Solar, Inc. announced that it has promoted Gary Effren from CFO to President and also subsequently promoted Margaret Randazzo from controller to the CFO position.

CEO and founder of AKNS, Barry Cinnamon, commented on the exciting expansion of the business well beyond the “residential installation work…began in 2001”. Cinnamon said of plans to expand distribution activities for the Company’s plug-and-play Andalay AC solar panel system, that it would “include developing our installer network throughout the U.S., selling to installers and distributors worldwide, and establishing a retail beachhead with Lowe’s”.

Cinnamon emphasized the need for expansion of management to handle increasing diversification, and that it was an ideal time to “delegate more of the day-to-day operational responsibilities to proven Akeena executives with successful track records”.

Cinnamon cited many of Mr. Effren’s achievements since becoming CEO in 2007 and acknowledged Effren’s building of a solid financial team while enhancing overall corporate financial processes.

Cinnamon went on to extol the exploits of Randazzo as well, pointing out how “Margaret has been an important part of the financial team since the beginning of 2009, and has stepped up to manage all aspects of our accounting and SEC financial reporting, including tax, treasury, budgeting, internal financial controls, audit and risk management activities.”

Effren, who had been VP of Finance and CFO at Knight Ridder, is a CPA with an MBA from the University of Miami, having gotten his BS in commerce from Rider College.

Randazzo is a CPA with a bachelor’s of business administration who began her career working on Arthur Andersen LLP’s books in Dallas, having gotten her degree in 1990. Going on to work as a financial planning manager for Fort Worth Star-Telegram and later becoming VP and CFO. In 2001, Randazzo joined Knight Ridder, the Star-Telegram’s corporate parent, going on to hold VP, controller and special assistant to the president positions until McClatchy acquired Knight Ridder in 2006. Randazzo was made publisher and president of The Modesto Bee with an oversight role on the Merced Sun-Star until 2008 when she joined AKNS.

Cinnamon noted the “outstanding job” that both Effren and Randazzo have done at AKNS, and said of today’s announcement that these promotions formalize “a structure already in place”, while also expressing his confidence that AKNS has the right team in place to move the Company forward.

Cinammon further expressed his commitment to expanding worldwide with distribution of the Andalay panels while “developing a number of strategic partnership opportunities that are a natural fit with Andalay”.

Cinammon wrapped up by saying that he would now “be able to spend more time on developing public policies and standards that complement the widespread availability of safe and easy-to-install solar panels sold through solar installers, retail stores and traditional electrical/HVAC distribution channels”.

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