AC Propulsion Appoints Susan Hoyle Vice President, CFO

AC Propulsion, a global leader in electric drive design, development and manufacturing, today announced the appointment of Susan Hoyle from interim chief financial officer to the permanent role of vice president and CFO. Hoyle took the interim position in August 2010 to assist with a $35 million fundraising effort, and oversee the development of expanded internal controls and reporting within the finance function. During that time, she developed the financial information required for the company's offering memorandum, identified and resolved issues relating to tax structuring and organizational matters and began preparation for investor due diligence and first-time audits in the United States and China.

"Sue has proven to be an invaluable asset to this company, and we are very fortunate to have her come on board as a permanent member of our team," said Tom Gage, CEO, AC Propulsion. "The level of growth we have been able to sustain is due, in large, to Sue's efforts in developing our financial infrastructure and raising capital. We are fortunate to have her and look forward to continued growth as a result of her new permanent status as CFO at AC Propulsion."

Hoyle is a certified public accountant who began her career with Haskins & Sells (now Deloitte & Touche) after graduating from the University of Southern California. Since then, Hoyle has served as both a senior financial executive and advisor in the manufacturing, distribution and financial services industries, for both publicly-held and privately-owned companies with global operations. Her experience on the advisory side was focused on both audit and merger and acquisition services within several global public accounting firms (including KPMG, PwC and BDO) and the private equity sector (which led to management roles within Gores Capital Partners and the Bisys Group).

It was later as a partner at executive services firm Tatum that Hoyle took on the interim CFO position at AC Propulsion. She has strong experience in mergers and acquisitions advisory, business integration, strategic planning, budgeting and forecasting, cost accounting, process improvements, contract negotiation, treasury operations and cash management.

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