CCM, Coghill applaud change in Energy Conversion Devices leadership

By Lisa Kerner

Charlotte, N.C., Nov. 29 - Energy Conversion Devices, Inc. shareholders CCM Master Qualified Fund, Ltd., Coghill Capital Management, LLC and Clint D. Coghill believe the recent appointment of Mark Morelli as company president and chief executive officer "will build within the issuer a culture of commercial orientation and commitment to shareholder value."

As a result, the reporting persons have no further plans or proposals regarding the company and plan to hold their shares as an investment, according to a schedule 13D filing with the Securities and Exchange Commission.

In September, CCM Master and its affiliates urged Energy Conversion's board to consider changes to the company's management and enterprise structure.

The reporting persons own 3,262,741 shares or 8.1% of the Rochester Hills, Minn., energy products supplier.

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