Clipper Names New President, CEO

Doug Pertz has resigned as president and CEO of Clipper Windpower PLC. The company's board of directors has appointed Mauricio F. Quintana its new president and CEO. The board of directors also has appointed Michael E. Keane, the company's current chief financial officer, to join the board.

Quintana most recently served as director of corporate strategy and development at United Technologies Corp. (UTC) for the past two years. In January, UTC closed its subscription and partial tender offer to acquire an aggregate 49.5% stake in Clipper.

Pertz was appointed CEO in September 2008, after serving five months as chief operating officer. He 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.

In addition, the negotiated deferral of shipments of 130 turbines from 2009 to 2010 and 2011 – principally due to unavailability of customer project financing – negatively impacted 2009 revenue and reduced gross margin by an estimated $110 million, according to Clipper. These shipment deferrals, combined with increased costs for the now completed blade skin remediation and warranty provisions, were the primary contributors to operating losses for 2009.

SOURCE: Clipper Windpower PLC

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