Sakonnet Technology announces senior management, board changes
New York, January 15, 2008 - Sakonnet Technology (www.sknt.com), the leading provider of energy trading and risk systems under the Software as a Service (SaaS) model, announced today a set of senior management changes to assist executing ambitions plans for growth. Thurstan Bannister, currently Chief Executive Officer, will become Chairman of the company's Board of Managers, while Eric Min, Sakonnet's co-founder and presently Chief Operating Officer, replaces him as Chief Executive Officer. Thurstan Bannister, along with his board role, will be responsible for Sakonnetís capital plans. Eric Min will be responsible for successfully executing the companyís overall plans and for all its operating activities. Alarik Myrin, co-founder and Chief Technology Officer, will become responsible for Sakonnet's business and product strategy.
In addition, David Jones, Head of Global Oil at Fortis Energy Trading and Marketing based in Houston, will join Sakonnet's Board of Advisers, which is chaired by Stephen Sinacore, Principal and co-founder of Atrevida Partners, LLC. Before joining Fortis in 2004, David Jones served as head of energy trading at US affiliates of AIG and StatoilHydro.
The new appointments, effective today, enable Sakonnet's senior managers to focus on the respective capital, operating and planning dimensions of its expansion program, and create a governance structure suitable for a later-stage technology company. Sakonnet is a Delaware limited liability company, incorporated in 1998.
Eric Min has headed Sakonnet's operations since 1999. He moved to Europe and opened Sakonnet's London office in 2001. He headed all the largest implementations of Xenon, including those for Nuon and E.ON. Before co-founding Sakonnet, he was a Vice President at JPMorgan in New York, managing the technology for its global commodity derivatives group. He graduated with a B.A. in Economics from The State University of New York at Stony Brook in 1989.
Thurstan Bannister commented: These moves are part of a transition to a model board structure and into specific roles for the Sakonnet original partners matching our respective skills and experiences. Eric has a superb command of all aspects of Sakonnet's business and technology, and in his new role has a clear mandate to execute on far-reaching plans for growth which will be effectively co-ordinated across our sales, services and development groups. Alarik Myrin brings a unique depth of technical expertise to his strategy role, enabling him to set Sakonnet on an extremely ambitious but technically realistic path, in terms of target markets and adapting and extending our technology assets and service offerings over time. Finally we welcome David Jones to our Board of Advisors, where his insights into trends and innovations in global commodity trading will be invaluable.
Sakonnet Technology aligns senior team for aggressive expansion plans
About Sakonnet Technology
Sakonnet Technology is the market leader in Software as a Service (SaaS) for energy trading and risk management. Sakonnet's expert international teams provide an unrivalled level of hosting, support, upgrade and consulting services linked to its advanced Xenon® platform. These services along with Xenon's streamlined interfaces and workflow, transform the end-user experience, resulting in higher productivity, stronger risk control and a trading edge. Sakonnet addresses the needs of energy companies, banks and hedge funds trading in power, natural gas, crude oil and related markets and has offices in New York and London.
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