American Superconductor Corporation, a global power technologies company, today announced that Daniel P. McGahn, President and Chief Operating Officer, has been appointed Chief Executive Officer and a member of the Board of Directors, effective June 1, 2011.
Dan McGahn succeeds founder Gregory J. Yurek, who is retiring after more than two decades of service to the company as part of the CEO succession plan that has been discussed with the Board of Directors since late 2010. Yurek, 64, will continue to serve as Chairman of the Board until the company’s annual meeting of stockholders in August and as a Senior Advisor to the company for the next two years.
“The past 24 years have been challenging, exhilarating and rewarding,” said Yurek . “Together with a great team at AMSC, we have been a superconductor technology pioneer and evolved into a dynamic power technologies company. Having worked with Dan for nearly five years, I am confident in his ability to lead the company through today’s obstacles and into another era of growth.”
“I, along with the entire AMSC team, thank Greg for his years of dedication and service,” said McGahn . “Since founding the company in 1987, he has worked tirelessly to build American Superconductor. We wish him well in his future endeavors and appreciate his willingness to serve as a Senior Advisor to me and the company.”
McGahn, 39, joined AMSC in December 2006 as Vice President, Strategic Planning and Corporate Development. In this position, his primary initial objective was to establish and operate AMSC China. In 2008, McGahn was promoted to the position of Senior Vice President and General Manager of AMSC Superconductors, and he was promoted to President and Chief Operating Officer in December 2009. In this latest role, McGahn was responsible for the company’s day-to-day global operations.
“Dan has impressed all of us in his time at AMSC,” said John Vander Sande, Lead Director of AMSC’s Board of Directors. “He is the ideal person to lead AMSC forward upon Greg’s retirement. The Board has the utmost confidence in Dan’s ability to achieve a new level of success by accelerating AMSC’s business diversification. We are indebted to Greg for the significant contributions he has made to AMSC during the past 24 years and are pleased that he has agreed to serve as a Senior Advisor to smooth the transition process.”
About American Superconductor
AMSC offers an array of proprietary technologies and solutions spanning the electric power infrastructure – from generation to delivery to end use. The company is a leader in renewable energy, providing proven, megawatt-scale wind turbine designs and electrical control systems. The company also offers a host of Smart Grid technologies for power grid operators that enhance the reliability, efficiency and capacity of the grid, and seamlessly integrate renewable energy sources into the power infrastructure. These include superconductor power cable systems, grid-level surge protectors and power electronics-based voltage stabilization systems. AMSC’s technologies are protected by a broad and deep intellectual property portfolio consisting of hundreds of patents and licenses worldwide.
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Source: amsc, May 26, 2011