USA Technologies Appoints Two New Directors
"I am pleased to welcome Frank and Steve to our Board of Directors," said Stephen P. Herbert, Chairman and Chief Executive Officer of USA Technologies, Inc. "The addition of these accomplished business leaders will add significant experience and knowledge to our Board. Frank Petito is a seasoned executive with a breadth of experience at both large and small companies. He has a track record of successfully operating in a high growth, technology environment as well as executing mergers and acquisitions. Steve Illes brings more than 30 years of experience in technology and other industries, as well as in financing start-up and new technology companies. Steve has also been a longtime shareholder of the Company. We are looking forward to Frank and Steve's contributions as we work to drive growth and build shareholder value."
Steven Barnhart, Chairman of the Nominating Committee and lead independent director, stated "In our search for Director candidates, the Nominating Committee targeted specific skill sets in order to enhance the capabilities of our Board, and we are very pleased that we are adding two talented new Directors who possess these skills."
Frank A. Petito, III, age 43, is President of Orbitz for Business, and has served as Senior Vice President of Corporate Development for Orbitz Worldwide, Inc., which he joined in 2002. Mr. Petito started his career as an investment banker at Morgan Stanley and was a Vice President of mergers and acquisitions at Hambrecht & Quist, a technology-focused investment bank in San Francisco. Mr. Petito obtained his MBA from Stanford Graduate School of Business and his undergraduate degree from Princeton University.
Steve G. Illes, age 66, is an accomplished entrepreneur and investor. Mr. Illes is currently co-founder of InTherapeutics, an early pioneering balloon catheter company, and also has financed start-up and new technology companies. In 1986, he started Unique Plastics, which produced high-volume medical device products for Fortune 500 corporations such as Baxter and Kendall-McGaw Laboratories, and in 1990 he sold his interest in Unique Plastics. Mr. Illes began his career with engineering management positions in the space and medical device industry. Mr. Illes graduated with an engineering degree in Toronto, Canada.
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