AMSC Names Daniel P. McGahn President and Chief Operating Officer
"We are delighted to name Dan McGahn President and Chief Operating Officer," said Yurek. "Dan has consistently demonstrated the core operational, leadership and management capabilities that are needed to institute and execute successful business plans in a dynamic growth environment. He is just the right person to fill this crucial position as we continue expanding our global operations and delivering record revenues and earnings."
McGahn, 38, joined AMSC in December 2006 as Vice President, Strategic Planning and Corporate Development. His primary initial objective was to set up and operate AMSC China. McGahn hired and developed the core AMSC China team, including AMSC China's general manager, drove a strategic site selection process based on customer and supply chain requirements, and helped manage and develop AMSC's initial customer and vendor relationships in China. Today, AMSC China serves as a cornerstone of AMSC's success with over 175 employees with manufacturing operations in Suzhou, field service operations and sales in Beijing and a sales office in Shanghai.
In 2008, McGahn was promoted to the position of Senior Vice President and General Manager of AMSC Superconductors. In this role, he developed strong strategic business alliances in the area of superconductor applications to create near- and long-term demand for the company's 344 superconductors. McGahn has also led efforts to significantly enhance AMSC's wire performance and production processes, and strengthened the AMSC Superconductors team to ensure the company is prepared for a rapid scale-up in production. The new core team of professionals includes Michael Tanner, who formerly served as Operations Manager for Evergreen Solar and General Manager of a division of ITT Industries. Tanner, who joined AMSC in August 2009, has assumed the role of General Manager of AMSC Superconductors effective immediately.
"AMSC has built a foundation for strong, sustainable growth, and the entire AMSC team is invigorated about the prospects we see ahead," said McGahn. "Working with the rest of the management team, I look forward to strengthening AMSC's leadership position in the wind and power grid markets while also broadening the scope of our power technologies to capitalize on emerging growth opportunities."
Prior to joining AMSC, McGahn served as Executive Vice President and Chief Marketing Officer of Konarka Technologies, a venture-backed developer of polymer photovoltaic technology for renewable power, and General Manager and Chief Operating Officer of Hyperion Catalysis, a world leader in carbon nanotube production and application development. He holds M.S. and B.S. degrees in engineering from the Massachusetts Institute of Technology.
About American Superconductor (NASDAQ: AMSC)
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 alternative 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. More information is available at www.amsc.com.
American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC, D-VAR, dSVC, PowerModule, PQ-IVR, Secure Super Grids, Windtec and SuperGEAR are trademarks or registered trademarks of American Superconductor Corporation or its subsidiaries. All other brand names, product names or trademarks belong to their respective holders. The Windtec logo and design is a registered European Union Community Trademark.
Any statements in this release about future expectations, plans and prospects for the company, including our expectations regarding the future financial performance of the company and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include: we have a history of operating losses, and we may incur losses in the future; a significant portion of our revenues are derived from a single customer, and a reduction in business with this customer could adversely affect our operating results; adverse changes in domestic and global economic conditions could adversely affect our operating results; changes in exchange rates could adversely affect our results from operations; our common stock may experience extreme market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management's attention; if we fail to implement our business strategy, our financial performance and our growth could be materially and adversely affected; we may not realize all of the sales expected from our backlog of orders and contracts; many of our revenue opportunities are dependent upon subcontractors and other business collaborators, and a reduction in orders stemming from these companies could adversely affect our operating results; our products face intense competition, which could limit our ability to acquire or retain customers; our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; and our international operations are subject to risks that we do not face in the U.S., which could have an adverse effect on our operating results. Reference is made to these and other factors discussed in the "Risk Factors" section of the company's most recent quarterly or annual report filed with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent the company's views as of the date of this release. While the company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date this press release is issued.
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SOURCE: American Superconductor Corporation
AMSC Contact: Jason Fredette, 978-842-3177 Director, Corporate Communications Email: jfredette@amsc.com
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