TAMPA, Fla., May 14, 2012 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (OTCBB: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today the appointment of Mr. Ermanno Santilli as Chief Executive Officer, effective June 15, 2012. Current CEO, Dr. Ruggero Santilli, the scientist who developed the technology and founder of MagneGas, will continue in an active role as Chief Scientist and Chairman of the Board.
Mr. Santilli spent over 15 years with Fortune 500 brands such as Club Car, Bobcat, Thermo King, and Trane at Ingersoll Rand Company. He successfully led global and international businesses with a value of over $200 million in sales with diverse teams of sales, marketing, engineering, sourcing, finance and distribution. After graduating with a Bachelors of Science Degree from Boston College Carroll School of Management, Mr. Santilli obtained a Masters of Business Administration from the Indiana University Kelley School of Management. More recently, Mr. Santilli founded MagneGas Europe where he became an expert in the MagneGas business model and applications.
Scott Wainwright, President of MagneGas commented, "Mr. Santilli comes highly qualified for the CEO role at MagneGas with relevant industrial product experience and a deep knowledge of the MagneGas technology and applications. We are confident this is the ideal combination of a Fortune 500 bred senior management team coupled with the continued and active support of Dr. Ruggero Santilli, the founder and motivating force behind the MagneGas technology."
Mr. Santilli commented, "Leading MagneGas Corporation and its talented new management team is a tremendous honor and opportunity. I continue to be amazed by our customers' appreciation for our product as the 'No Compromise Alternative' to legacy metal cutting fuels."