Axion Power International Inc. announced that effective January 31, 2016, D. Walker Wainwright shall resign as a director of the company for personal reasons. Effective February 1, 2016, Donald Farley shall resign from Interim CEO responsibilities for the company but shall remain as its Chairman and a Director. Effective February 1, 2016, Richard Bogan, one of the company's directors, shall become its Chief Executive Officer.

Concurrently, Mr. Bogan shall resign from the company's Audit Committee. Effective February 1, 2016, the board of directors of Axion Power International Inc. has appointed Robert A. Maruszewski as a director to take the seat vacated by Mr. Wainwright. Mr. Maruszewski's appointment will serve until the formal shareholder election for board members to be held at the company's 2018 annual meeting. Robert A. Maruszewski is the cofounder and Managing Partner of Key Bridge Partners, a position which he has held since 2005. He has over 30 years of operating experience in general management, marketing, and strategy, with 8 years of his career in Europe.

Mr. Maruszewski is currently President of Duvinage LLC. He also provides corporate oversight to U.S. Para Plate, LLC. The company has determined that Mr. Maruszewski should serve as a director due to his background in manufacturing and operations and as a management level employee of other public and private companies.