Northern Power Systems Corp., a renewable energy technology company, has announced that as it makes progress toward concluding the monetization of its utility wind technology, the Company will be re-aligning its leadership to focus its future on delivering business solutions for a range of distributed energy customers. As part of this transition the Board of Directors of Northern Power Systems has decided to eliminate the office of
chief executive and form an office of the president and chief operating officer. With this decision, Troy C. Patton will no longer be chief executive officer, effective immediately, but remain a member of the Company’s Board of Directors, continuing to provide corporate development and business advisory services to the Northern Board. Ciel R. Caldwell the Company’s current senior vice president of operations and finance will assume leadership of Northern Power as the president and chief operating officer while continuing to serve as the Company’s principal financial officer.
On behalf of Northern Power Systems Board of Directors, Chairman of the Board William Leimkuhler commented, “We thank Troy for his commitment and leadership as we built Northern to pursue an integrated utility and distributed wind strategy based on our proprietary PMDD technologies. We are fortunate that Troy will continue to lead the Company in a successful conclusion of a transaction monetizing our utility wind assets, as well as to advance other corporate development opportunities as an advisor to Northern.”
Mr. Patton added, “I am excited about the future of Northern Power Systems. The Company’s cost out efforts and creative solutions in the distributed energy space are advancing and I look forward to continuing on the Board of Directors. As Northern makes this transition, I will focus on delivering strong value to Northern in actively creating and nurturing the partnerships needed to deliver value to a variety of stakeholders across the energy marketplace.” Mr. Patton concluded, “After five years of working with Ciel I am confident that she is fully prepared to take the helm and make the future of Northern a success. I look forward to continuing to work with her as part of the Northern Board.”
Mr. Leimkuhler continued, “Ms. Caldwell has over 20 years of experience in finance and operations, which we see as key capabilities as we focus on profitable growth. The Board has carefully considered the leadership and skill set needed to focus our business on the opportunities that Northern can realize in distributed energy and microgrid offerings.”
“I am excited to have the opportunity to lead the future of Northern with our qualified team,” Ms. Caldwell stated. “We have a unique opportunity to create value by transitioning to a lean start-up mentality focused on delivering solutions for a variety of customers that can benefit from distributed energy solutions leveraging our robust technology background and proven offerings. Troy and I have worked closely together for over five years and I appreciate all that I have learned from him. This knowledge will be invaluable as I focus on driving Northern to profitability and the successful business expansion of Northern Power Systems.”
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