Management

	Douglas G. Bailey, Chairman; President and Chief Executive Officer Douglas G. Bailey has been President and Chief Executive Officer of Fuel Tech since April 2010, Chairman of the Board of Fuel Tech since January 2010, director of Fuel Tech since April 1998 and was Deputy Chairman from 2002 through December 2009. He also previously served as an employee of Fuel Tech from January 1, 2004 through December 31, 2009. Mr. Bailey has been the President of American Bailey Corporation, a closely held private equity firm, since 1984 and its Chief Executive Officer since 1996.
	Vincent J. Arnone, Executive Vice President, Worldwide Operations Mr. Arnone graduated with a B.S. in Accounting from the University of Illinois at Urbana-Champaign and received his Masters of Management degree from the J.L. Kellogg Graduate School of Management at Northwestern University. He practiced as a Certified Public Accountant from 1985-1988 and then served in various financial capacities for American National Can Co., now Rexam PLC, a multi-national packaging company during an eleven year career through 1999. Mr. Arnone joined Fuel Tech, Inc. in 1999 as the Company’s Corporate Controller and Financial Director, and served in that capacity until his appointment as Treasurer and Chief Financial Officer in December 2003. He served as Treasurer and Chief Financial Officer until May 2008, and then provided consulting services to Fuel Tech from time to time until his recent appointment as Executive Vice President, Worldwide Operations.
	Robert E. Puissant, Executive Vice President, Marketing and Sales Mr. Puissant joined Fuel Tech in August 2009 as Executive Vice President, Marketing and Sales. Prior to joining Fuel Tech, he served as an Operating Executive and Executive Vice President, Strategy and Business Development for School Specialty, Inc., a $1 billion education company serving the Pre-K - 12 market. Previous to that, Mr. Puissant was employed by Wisconsin Energy Corporation, where he held the positions of Senior Vice President, Customer Analysis and Planning and Senior Vice President, Marketing and Strategic Planning. In related energy industry involvement, he held Advisory Board of Director roles with the Electric Power Research Institute (EPRI) and the Natural Gas Vehicle Coalition (NGVC). Mr. Puissant also held a number of positions during a 20-year span at Novell, Inc., Inacom Corporation and Ameritech Corporation. Mr. Puissant earned a B.S. in Sociology from the University of Wisconsin and an M.B.A. from the J.L. Kellogg Graduate School of Management - Northwestern University, with emphasis in Marketing, Sales Leadership and Organizational Effectiveness.
	David S. Collins, Senior Vice President, Treasurer and Chief Financial Officer Mr. Collins joined Fuel Tech in August 2010 as our Senior Vice President, Treasurer and Chief Financial Officer. Before joining Fuel Tech Mr. Collins worked as an Assurance Partner with Grant Thornton LLP from 2006 to 2010, and prior to that time worked in the assurance practice with Ernst & Young LLP. Mr. Collins has assisted both domestic and international companies with complex accounting issues, equity compensation plans, capital raising activities, mergers and acquisition, and periodic SEC filing requirements. Mr. Collins received a B.A. degree in Accounting from Bethel College, St. Paul MN.
	Stephen P. Brady, Senior Vice President, Fuel Chem Sales Mr. Brady became Senior Vice President, Fuel Chem Sales on January 1, 2009. He joined Fuel Tech in 1998 as Vice President, Fuel Chem. He was promoted to Senior Vice President, Fuel Chem in 2002 and to Senior Vice President, Sales and Marketing in April 2006. Mr. Brady was raised in Cleveland, Ohio and attended Miami University, where he graduated with an engineering degree in 1978. He also attended the Darden Graduate School of Business Administration. Mr. Brady spent two years with Johnson & Johnson and 18 years with Nalco Chemical Company in a variety of sales and management positions, primarily focused on the electric utility, steel, paper and refining industries. Among his industry experiences were managing growth in water treatment.
	William E. Cummings, Jr., Senior Vice President, Air Pollution Control Sales Mr. Cummings became Senior Vice President, Air Pollution Control Sales on January 1, 2009. Previously, he had been Vice President, Sales since April 2006; Vice President, Air Pollution Control Sales since May 2000; Director, Utility Sales since April 1998; and Director, Eastern Region since 1994. Mr. Cummings has 29 years of experience in the air pollution field. He has held positions as National Sales Manager and Regional Sales Manager with the world's leading Flue Gas Conditioning Company, Engineering Specialist for a leading Architect/Engineering firm, Field Engineer and Applications Engineer for a leading Electrostatic Precipitator Supplier, and Field Technician and Laboratory Technician for a regional Emissions Testing Company. He has sold and or participated in over 400 air pollution control projects to date in the United States and Canada. Mr. Cummings holds an A.S. in Environmental Sciences and has completed additional skills training at numerous venues, including Harvard Law School and the University of Michigan.
	Vincent M. Albanese, Senior Vice President, Regulatory Affairs Mr. Albanese assumed the position of Senior Vice President, Regulatory Affairs in February 2007. In this capacity, Mr. Albanese represents Fuel Tech for liaison with federal, state and regional environmental agencies. Previously, Mr. Albanese was Senior Vice President, Regulatory Affairs and Advanced Technology since 2006, Senior Vice President, Air Pollution Control since 2000, Vice President, Air Pollution Control since 1998, and Vice President, Sales and Marketing, Nalco Fuel Tech since 1990. Mr. Albanese was a member of EPA's Acid Rain Advisory Committee, and currently serves as a Managing Director and Vice President of the Institute of Clean Air Companies; he served as chairman of its NOx Division for the past 11 years. He is a member of the Council of Industrial Boiler Owners, serving on its Environmental Committee. Mr. Albanese received his B.S. degree in Chemistry from Manhattan College in 1970 and his M.S. in Physical Chemistry from Villanova in 1973.
	Timothy J. Eibes, Senior Vice President, Project Execution Mr. Eibes joined Fuel Tech in August 2006 as Vice President, Project Execution. In March 2010 he was promoted to his current position of Senior Vice President. In this role he directs the engineering, procurement, project management and construction activities for Fuel Tech. Mr. Eibes has over 30 years of related experience that includes nearly 20 years with Alliant Energy Inc. While at Alliant he held various positions, including Director of Natural Gas Operations, General Manager and VP- Asset Management. His professional experience also includes engineering and project management positions at Deere & Company and Johnson Controls Inc. Mr. Eibes received a Bachelor of Technology (Construction) and a Masters of Arts (Industrial Management) from the University of Northern Iowa.
	Albert G. Grigonis, Senior Vice President, General Counsel and Secretary Mr. Grigonis joined Fuel Tech in 2003, having held a succession of legal positions until his election as Vice President, General Counsel and Secretary in December 2008. In January 2011 he was promoted to his current position of Senior Vice President. Previously, Mr. Grigonis was Legal Director for the 3Com Corporation, a high technology computer electronics firm, and served over 16 years in a variety of legal roles as an attorney for Motorola, Inc. Mr. Grigonis received his law degree from Northern Illinois University College of Law.

Board of Directors

Douglas G. Bailey

Douglas G. Bailey has been President and Chief Executive Officer of Fuel Tech since April 2010, Chairman of the Board of Fuel Tech since January 2010, director of Fuel Tech since April 1998 and was Deputy Chairman from 2002 through December, 2009. He also previously served as an employee of Fuel Tech from January 1, 2004 through December 31, 2009. Mr. Bailey has been the President of American Bailey Corporation (ABC), a closely held private equity firm, since 1984 and its Chief Executive Officer (CEO) since 1996.

Mr. Bailey, as President and Chief Executive Officer of Fuel Tech, has management responsibility for the strategic, operational and management performance of the Company. His responsibility for running Fuel Tech, with both U.S. and international operations, gives Mr. Bailey front-line exposure to many of the issues facing U.S. public companies, particularly on the strategic, operational, financial, human resource, corporate governance, and compliance fronts. Mr. Bailey’s ongoing experience informs his judgment and participation as a member of Fuel Tech’s Board. His early career began as an engineer with Foster-Miller, Inc. and at Corning, Inc., in a variety of manufacturing and marketing positions. During his subsequent business career, following the founding of ABC, Mr. Bailey, in addition to being ABC’s CEO, served as the CEO of a number of its affiliated companies, including Kokomo Spring Company, Inc., DieselCast France, SA, and Atlantis Components, Inc., bringing to the Fuel Tech Board management ability at senior and executive management levels in a variety of industrial markets. Over the span of 30 years, Mr. Bailey has provided board service to a number of other companies including, since 2001, serving as a director and chairman of the compensation committee for Endocyte, Inc., a public biotechnology company, and previous service on the audit committee and as chairman of the compensation committee for Atlantis Components, Inc., which gives him a broad based understanding of the role of a board of directors and its committees, and positions him well to serve as Fuel Tech’s Chairman of the Board.

Miguel Espinosa⁽¹⁾

Miguel Espinosa has been a director of Fuel Tech since 2002, and has been President and Chief Executive Officer of The Riverview Group, LLC, a financial consulting company, since 2001. He is a retired Treasurer of Conoco Inc. He has been a member of the Board of Directors of the Electric Reliability Council of Texas since 2003, serving as Vice Chair of the Finance and Audit Committee and as a member of its Nominating Committee.

Mr. Espinosa brings to the Board senior and executive management finance operations experience acquired over a 35 year career with Conoco Inc., a Fortune 25 integrated petroleum company with worldwide operations. His career there covered a span of different assignments in Conoco’s U.S. and international operations with ever increasing responsibilities including as Treasurer for European Operations, Assistant Treasurer, and, ultimately, as Treasurer for that company. These senior and executive management positions provided Mr. Espinosa experience in a variety of U.S. and international business operation contexts including dealing with accounting principles and financial reporting rules and regulations, evaluating financial results, and raising in excess of $10 billion in capital while also maintaining operational responsibility for a large number of financial professionals worldwide. The depth and breadth of Mr. Espinosa’s experiential exposure to complex financial and accounting matters makes him a skilled advisor for Fuel Tech’s Board. In addition, Mr. Espinosa brings corporate governance skills beyond the finance area through his service for the Board of Directors of the Electric Reliability Council of Texas as Vice Chair of its Finance and Audit Committee and as a member of its Nominating Committee.

Charles W. Grinnell

Charles W. Grinnell has been a director of Fuel Tech since September, 1989. Prior to his retirement on January 31, 2009, Mr. Grinnell served as Vice President, Legal Affairs of Fuel Tech from December 2008, and as Vice President, General Counsel and Corporate Secretary of Fuel Tech since 1986. Mr. Grinnell, who practices tax and business law in Stamford, Connecticut, was also a director and Vice President, General Counsel and Corporate Secretary of Clean Diesel Technologies, Inc., a specialty chemical and energy technology company from 1994 until October 2010.

Mr. Grinnell brings to the Board 44 years of corporate experience for both private and public, and small to large energy and energy technology companies in the tax and legal aspects of finance, accounting rules and conventions, commercial transactions, merger and acquisition activities, corporate governance, executive compensation, human resource matters, intellectual property licensing, environmental regulation, and litigation, all of which experience informs his judgment and participation as a Fuel Tech director. In addition, Mr. Grinnell has been associated with Fuel Tech since 1986. This association provides an institutional memory which is advantageous to the directors as a group.

Thomas L. Jones^{(1) (2)}

Thomas L. Jones has been a director of Fuel Tech since 2005, and has been a Managing Director of Alvarez & Marsal Holdings LLC, a global performance improvement, turnaround management and business consulting firm, since October 2008; previously he had been Managing Director of Trinsum Group since September 2006; a Senior Advisor at Credit Suisse First Boston since 2003 and Managing Director in the Telecommunications Group of that company since 2000. Prior to those positions, Mr. Jones had been a Managing Director at Salomon Smith Barney and J. P. Morgan & Co., Inc.

Mr. Jones brings to the Fuel Tech Board over 30 years of experience in investment banking and mergers and acquisitions. He began his career in 1977 in corporate finance and throughout his career in his various positions and assignments had responsibilities related to a variety of industries including high tech, telecommunications, media and aerospace defense. Mr. Jones’ positions have provided him with knowledge in dealing with complex financial and operational issues, accounting, financial reporting rules and regulations, and evaluating financial results and performance/risk business models pertaining to a number of business firms both in the U.S. and abroad. This experience makes Mr. Jones a valued advisor to Fuel Tech’s Board as it considers various strategies and operational issues related to growing the Company.

John D. Morrow⁽¹⁾

John D. Morrow has been a director of Fuel Tech since June 2004, and formerly a director of a predecessor Fuel Tech entity that was merged into Fuel Tech in 2006, from 1985 to 1987. Mr. Morrow retired in 1983 as Chief Financial Officer and a director of Conoco Inc.

During his 35 year tenure with Conoco, culminating in his service there as Conoco’s Group Senior Vice President, Chief Financial Officer and as a member of its board of directors, Mr. Morrow demonstrated leadership capability and knowledge of complex financial and operational issues facing a large organization and, as such, brings to Fuel Tech’s Board an understanding of global business operations and financial strategy for a large business concern in challenging environments. In addition, his former service as a member of the board of directors for other chemical or energy related companies such as Vista Chemical Company, Union Texas Petroleum and Eastern American Energy provides Mr. Morrow insight pertaining to corporate governance matters.

Thomas S. Shaw, Jr.⁽²⁾

Thomas S. Shaw, Jr. has been Lead Director since February 2011 and a director of Fuel Tech since 2001. In September 2010 Mr. Shaw was elected to serve as Vice Chairman and as a member of the compensation committee of the Board of Trustees of Wilmington University; in addition to continuing as a Trustee, Treasurer and Chairman of the Finance and Audit Committee of Wilmington University. In June 2010 he was appointed to the Delaware Board of Pension Trustees for a term of four years. Mr. Shaw retired in September 2007 from his position as Executive Vice President and Chief Operating Officer of Pepco Holdings, Inc.

With 36 years of managerial experience in the utility industry with Pepco Holdings, Inc. and two of its predecessor companies – Delmarva Power and Conectiv, Mr. Shaw brings to the Fuel Tech Board demonstrated managerial experience at senior and executive levels that includes over 30 years of responsibility for the management, operation, maintenance, engineering and construction of fossil fueled electricity generating plants and their related equipment. He held a variety of positions with the Pepco companies including Power Plant Engineer, Plant Superintendent/Manager, General Manager of Production, Vice President of Production, and President and Chief Operating Officer. Mr. Shaw’s experiential base provides Fuel Tech’s Board with a broad based viewpoint from a utility customer perspective. In addition, during the last 17 years of his career, Mr. Shaw was also responsible for the management and oversight of numerous unregulated, non-utility businesses, including serving as the initial President of Conectiv Energy, the power generation and trading subsidiary of Pepco Holdings, Inc. This business experience has provided Mr. Shaw insights into the operational requirements of a large company and more specifically, a utility, in an array of areas including finance, commercial transactions, corporate governance, executive compensation, human resource matters, merger and acquisition activities, and environmental regulations, all of which makes him a skilled advisor to the Fuel Tech Board.

Delbert L. Williamson⁽²⁾

Delbert L. Williamson has been a director of Fuel Tech since 2008. Mr. Williamson retired in 2004 as President, Global Commercial Operations, GE Energy, Inc. (GE Energy). Prior thereto he held a number of executive positions at General Electric Company (GE), his employer for 45 years.

During his career with GE, Mr. Williamson held numerous marketing, sales, strategy development and senior general management and executive positions in that company’s Energy Infrastructure, Specialty Materials, and International operations. As President, Commercial Operations of GE Energy, Mr. Williamson was responsible for an organization of 1900 employees worldwide with an annual revenue budget of $25 billion whose business focused on the construction and services associated with power generation equipment projects ranging from nuclear, fossil, solar to wind. As an officer of GE, Mr. Williamson dealt directly with executives throughout the global energy industry and the international banking community, and the governments of many countries including the U.S. government, People’s Republic of China, India, Russia and Saudi Arabia related to GE projects. With his knowledge of complex business issues facing global power generation companies and his understanding of what makes energy-related businesses work effectively and efficiently in domestic and international markets, Mr. Williamson provides valuable judgment and participation to Fuel Tech’s Board.

W. Grant Gregory

W. Grant Gregory was elected to the board in August 2011. Mr. Gregory has served as Vice Chairman of Cerberus Capital Management, L.P. since 2005, and has served as Chairman of Gregory & Hoenemeyer, Inc., a merchant banking firm, since 1988. Mr. Gregory retired as Chairman of the Board after completing 24 years with Touche Ross & Co., now Deloitte & Touche. In that role, he led global teams in a wide range of industries and countries while servicing the firm’s 100 largest clients. He played a leadership role in the opening of the firm’s first office in the PRC in Beijing and served as an Advisor to the Ministry of Finance for the early Joint Ventures, where he was instrumental in creating the first U.S. Financial Reporting and Accounting courses. Mr. Gregory graduated with distinction from the University of Nebraska, where he was later awarded an Honorary Doctorate of Humane Letters, as well as the The Builder Award, the University’s highest non-academic recognition. He has completed advanced management courses at Harvard University’s Graduate School of Business, at New York University, and attended the Air Force War College.

As an authority on Corporate Governance, Audit Committees and Compensation Committees, as well as on mergers and acquisitions and tax policy, Mr. Gregory has served successfully in numerous leadership roles as chairman of the board, CEO, merchant banker and director of public, private and non-profit corporations. His extensive experience, coupled with his knowledge of the China markets, should prove invaluable as Fuel Tech intensifies its efforts to penetrate the international utility and industrial markets.

George F. MacCormack

George F. MacCormack was elected to the board in August 2011. Mr. MacCormack is a retired Group Vice President of E.I. du Pont de Nemours and Company (“DuPont”), where he held a variety of positions with progressive responsibilities from 1968 until his retirement in 2003. As Group Vice President, Mr. MacCormack had corporate oversight responsibility for approximately 12,000 employees and a $6 billion revenue portfolio of capital and energy-intensive global Strategic Business Units. During his career, Mr. MacCormack was credited with leading a transformation of the Specialty Chemical business unit through restructuring, asset sales and targeted growth. He has served on the Board of a large public utility for the last nine years, and has served as Executive Chairman/Vice Chairman of major global ventures with international partners in Japan, Turkey and Mexico. Mr. MacCormick is a graduate of Northeastern University, where he received both a Bachelor of Science and a Master of Science degree in chemical engineering. He also received an MBA from the University of Delaware.

Mr. MacCormack’s depth of knowledge in the chemical industry, as well as his corporate oversight and governance responsibility experience, make him a valuable addition to the board. His insight will be instructive as Fuel Tech continues to provide customers innovative solutions to produce clean, efficient energy by applying advanced technologies through engineering excellence and knowledge of complex combustion processes.

⁽¹⁾ Member of Fuel Tech’s Audit Committee
⁽²⁾ Member of Fuel Tech’s Compensation and Nominating Committee