ROCHESTER, NY — Torvec Inc., a Western New York-based automotive technology firm, has appointed new executives to the positions of CEO, CFO and chairman of the board.
Richard Ottalagana, co-founder of PaeTec Communications, a national communications company where he served as executive vice president, has been named CEO of Torvec. Prior to his time at Pae Tec, he was vice president/general manager of ACC National Telecom Corp. where he was responsible for the start-up of ACC’s local telecommunications operations.
Ottalagana replaces former Eastman Kodak Co. executive Eric Steenburgh who has served as CEO and chairman since 2002.
Philip Fain has been named CFO of Torvec and replaces Samuel Bronsky who will remain chief accounting officer of Torvec. Prior to this appointment with Torvec, Fain was a managing partner at CXO on the GO, LLC.
He has served as CFO of Luxottica SpA’s Ray-Ban Sun Optics business and as vice president of finance for Bausch & Lomb’s Global Eyewear business. He played the lead role in significantly increasing the revenue, earnings and return on investment of the global business through the acquisition of some of the world’s most sought after sunglass brands as well as through strategic alliances. A certified public accountant, Fain has also lead Bausch & Lomb’s Corporate Accounting, Financial Reporting and Corporate Audit functions.
Read McNamara has been named chairman of the Board of Torvec, a position also previously held by Steenburg. McNamara has more than thirty years of senior executive experience in the U.S., Latin American and Asian markets with industry leaders such as Gillette, Pillsbury, Revlon and Bausch & Lomb. He combines extensive line operating experience in $100 million-plus business units with experience on the boards of both publicly and privately owned companies.
According to Torvec, appointing executives from CXO on the Go was a natural outgrowth of the two company’s previous partnership. Since February, CXO has helped Torvec add more than $150 million to its market capitalization and has played a pivotal role in accelerating the company’s progress towards the execution of Torvec’s business plan. Ottalagana, Fain and McNamara have been appointed to execute Torvec’s business goal of commercializing Torvec’s Full Terrain Vehicle by licensing or selling its complementary technologies to third parties.
For more information about Torvec, visit: www.torvec.com.
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