WILMINGTON, Del., July 31, 2013 /PRNewswire/ -- Acorn Energy, Inc. (NASDAQ: ACFN), today announced that Joe Musanti will be named President and CEO of a new Acorn division focusing on the M2M space. Acorn M2M will operate both the GridSense TM and OMNIMETRIX business lines. Based on the strength of Musanti's leadership and success at GridSense, Acorn has decided to leverage the engineering and marketing activities of GridSense and OMNIMETRIX into a single operating division. GridSense and OMNIMETRIX will continue to report operating results in their own respective segments.
Mr. Musanti was named President and CEO of GridSense in May 2013 and of OmniMetrix earlier this month. He was previously named COO/CFO of GridSense in January 2013, following his resignation from the Acorn Energy Board of Directors, where he served from September 2007 until December 2012. Acorn believes that under the leadership of Musanti, the new division will become a powerful M2M player targeting both grid reliability and power assurance. This decision will allow Musanti to exploit synergies that exist in multiple administrative functions between both companies and accelerate the path to market for the products, and more aggressively achieve critical mass.
In conjunction with this change the Acorn Energy Board of Directors has named Richard Rimer as Executive Vice President of Acorn Energy. Mr. Rimer has served on the Acorn Energy Board of Directors since 2006 and was named Vice Chairman of Acorn Energy in 2012 a position he held until his election as EVP. Rimer is a successful entrepreneur with broad experience investing in early-stage businesses. Following three years at McKinsey & Co. in Zurich, Mr. Rimer built a joint-venture in Holland which he successfully sold. Rimer went on to found MediService – one of Europe's leading mail service pharmacies – and then spearheaded its sale to Galenica in 2007. Prior to founding Top Quartile Partners, Mr. Rimer - from 2001 to 2006 - was a Partner in Geneva at Index Ventures – a top-decile venture capital firm managing over $3Bn.
Mr. Rimer currently serves as Chairman for both GridSense and OMNIMETRIX and will continue with those duties.