Clipper Windpower Plc - Announces New CEO and Director Appointments
London (UK), Carpinteria, CA (USA) – March 9, 2010. Clipper Windpower Plc (“Clipper” or the “Company”) announces the following management changes effective immediately:
- Doug Pertz has resigned as President and CEO.
- The Board of Directors appoints Mr. Mauricio F. Quintana as the new President and CEO. Mr. Quintana most recently has served as Director, Corporate Strategy and Development at United Technologies Corporation (“UTC”) for the prior two years.
- The Board of Directors also has appointed Michael E. Keane, the Company’s current Chief Financial Officer, to join the Board of Directors.
Mr. Pertz was appointed to the CEO position in September 2008, after serving five months in the role of Chief Operating Officer. Mr. Pertz guided Clipper through a transitional period in the Company’s growth and through the financially challenging period of economic and industry downturn during late 2008 and 2009. He contributed significantly in refining operational processes and placing Clipper on a strengthened footing for future growth and profitability.
Jim Dehlsen, Chairman, said, “We offer a hearty expression of appreciation to Doug for his tireless efforts over the past 18 months. From the time Doug assumed the CEO role, he has faced challenging economic and industry conditions. We recognize his contribution to Clipper’s success and wish him the best in all his future activities.”
After consideration of alternatives, the Board of Clipper has unanimously selected and appointed Mauricio Quintana, aged 42, to the President and CEO positions effective immediately. Mr. Quintana has also been appointed to the Board of Directors. As previously stated, Mr. Quintana most recently has served as Director, Corporate Strategy and Development at UTC for the prior two years; he has terminated all employment ties with UTC to accept the Clipper appointment. Prior to joining UTC in 2007, Mr. Quintana was Chief Operating Officer at the Stone Suppliers division of Cosentino USA, an international fabrication business, and a Senior Associate with Booz Allen Hamilton, a leading strategy and technology consulting firm. His prior experience also includes engineering management and technical positions with Enron Energy Services, S&B Technical Products, Inc. and BLH Electronics, Inc. (Pharos de Costa Rica).
Mr. Quintana holds a Licentiate in Mechanical Engineering from Universidad de Costa Rica, a Masters in Mechanical Engineering from Stevens Institute of Technology and an MBA from MIT Sloan School of Management.
Jim Dehlsen further stated, “We welcome Mauricio and his passion for the Clipper opportunity and its technology drive. He has been integrally involved in UTC’s assessment of Clipper’s technologies, markets and its operations, which resulted in their $275 million investment (by way of subscription and tender offer) in January 2010. Mauricio brings a keen insight to the tasks of extending Clipper’s technology advantage in building the business for both the onshore and offshore markets.” Dehlsen added, “We are appreciative of the cooperation received from UTC during Mauricio’s career move into the Clipper leadership role. We believe this offers added advantages as the Clipper/UTC technology and operational paths align and Clipper moves toward major global markets.”
The Board of Directors also has appointed Michael E. Keane, aged 54, the Company’s current Chief Financial Officer, to join the Board of Directors. Mr. Keane joined Clipper in September 2008 and has contributed greatly to strengthening both financial and operating matters. Prior to joining Clipper, Michael served as CFO for a number of publicly-listed companies over the past 12 years, including Western Atlas Inc., Unova, Inc., and Computer Sciences Corporation. He currently serves on the boards of MRV Communications, Inc. and The City of Hope, and previously served on the board of Zix Corporation. With Mr. Keane’s appointment, the Clipper Board now consists of 12 Directors, five of whom have been nominated by UTC.
About UTC
UTC is a global provider of high technology products and services to the building systems and aerospace industries. Its principal operating units include Otis, Carrier, UTC Fire & Security, Pratt & Whitney, Hamilton Sundstrand and Sikorsky. Otis, Carrier and UTC Fire & Security serve customers in the commercial and residential property industries worldwide. Carrier also serves commercial, industrial, transport refrigeration and food service equipment customers. Pratt & Whitney, Hamilton Sundstrand and Sikorsky primarily serve commercial and government customers in both the original equipment and aftermarket parts and services markets of the aerospace industry. Hamilton Sundstrand and Pratt & Whitney also serve customers in certain industrial markets, including power generation. UTC employs approximately 210,000 people and operates in more than 180 countries. UTC is quoted on the New York Stock Exchange with a market capitalization of approximately $67 billion. For the year ended December 31, 2008, UTC revenues were $59.8 billion.
About Clipper
Clipper Windpower Plc, www.clipperwind.com, is a company engaged in wind energy technology, turbine manufacturing, and wind project development. The Company designs advanced wind turbines, manufactures its 2.5 MW Liberty wind turbine, and actively develops wind power generating projects in the Americas and Europe. Clipper’s headquarters are in the United Kingdom and in California, USA. The Company’s 330,000 square foot manufacturing and assembly facility for land-based wind turbines is located in Cedar Rapids, Iowa; its development center for offshore wind turbine development is located in Blyth, UK. Clipper is a public company listed on AIM of the London Stock Exchange. Clipper’s ticker symbol is CWP.
The ordinary shares of Clipper Windpower Plc are traded on AIM of the London Stock Exchange and are not registered under the U.S. Securities Act of 1933, as amended. Such shares may not be offered or sold to residents of the United States or to persons acting on their behalf, or to other persons who are "United States Persons" within the meaning of Regulation S as promulgated under the Securities Act of 1933, unless such shares have been registered under the Securities Act or there is an available exemption from registration.
This press release statements about the Company that are or may be forward looking statements. All statements other than statements of historical facts included in this press release may be forward looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “aims,” “intends,” “will,” “may,” “anticipates,” “estimates,” “projects,” or words or terms of similar substance or the negative thereof, are forward looking statements. Forward looking statements include statements relating to the following: future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, losses and future prospects, business and management strategies and the expansion and growth of the Company's operations and potential synergies between the Company and UTC .
Such forward looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof. The Company disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law.
All subsequent written and oral forward looking statements attributable to the Company or persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements above. The forward looking statements included herein are made only as of the date of this press release. The Company does not intend, and does not undertake any obligation, to update these forward looking statements.
Contacts
Investors:
Clipper Windpower Plc
Jenny Matthews
Investor Relations
Tel: +44 207 840 9581
J.P. Morgan Cazenove (Nominated Adviser and Corporate Broker to Clipper)
Patrick Magee / Alex Yule-Smith
Tel: +44 (0)20 7588 2828
Financial Press:
M:Communications
Patrick d’Ancona / Charlotte Kirkham
Tel: +44 (0)20 7920 2347 / 2331
Business and Trade:
Mary Gates
Director, Global Communications
+1 661 301 0400
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