American Superconductor (AMSC) CEO Steps Aside Amidst Turmoil

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10:54:04 am on May 26, 2011

American Superconductor (AMSC) CEO Greg Yurek was planning to retire for several months according to the company, but the recent lack of transparency, pending lawsuits and a plummeting stock price has no doubt led to a bit earlier than expected retirement for CEO and founder Greg Yurek.  Current President and COO Daniel McGahn will take over as CEO while Yurek will continue to serve as Chairman of the Board for a few more months, then as an advisor for two years.

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“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.”

Shares of AMSC continue to languish around the $10 level, but have held around there for several weeks.  It’s been my experience that after a big drop in a stock, the transition to a new CEO can be a catalyst for a major turn around in a stock.  It’s not usually immediate though and can take a few months.  Shares of AMSC despite being at historic lows, just don’t look all that compelling quite yet. 

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