O’Connor Replaces Taylor As NaiKun CEO

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Vancouver, British Columbia-based NaiKun Wind Energy Group Inc.'s president and CEO, Paul Taylor, is leaving the company and resigning from its board of directors. The board has appointed Michael O'Connor president, CEO and director, effective June 16.

O'Connor joined NaiKun Wind in May 2008, serving as senior vice president of the company. He will continue to serve as president of the company's generation subsidiary, NaiKun Wind Generating Inc.

Prior to joining NaiKun Wind, O'Connor was project director for the Canada Line Rapid Transit Project.

Naikun's personnel changes support the corporate restructuring announced in May and the company's commitment to reduce its cost structure to sustain the development of the NaiKun Wind offshore wind energy project.Â

NaiKun Wind expects to reduce its annual operating costs from C$4.5 million to less than C$2 million. NaiKun Wind will incur a one-time charge of approximately C$665,000 arising from the buy-out of Taylor's employment agreement.

NaiKun Wind has also announced the resignation of Steve Eckert as senior vice president of NaiKun Wind. He has now assumed the role of senior advisor.

SOURCE: NaiKun Wind Energy Group Inc.

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