On March 9, 2017, the Board of Directors of Ideal Power Inc. determined that, consistent with corporate governance best practices, it was in the best interest of the Company to separate the role of Chairman of the Board from the role of Chief Executive Officer. To this end, the Board elected Dr. Lon Bell as Interim Chairman of the Board. Dr. Bell has been a director of the Board since November 2012. Mr. Brdar will continue in his role as Chief Executive Officer and President of the Company and as a member of the Board.