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American Superconductor Corp., which has dealt with a string of down news events in recent months, today appointed John W. Wood Jr. as its new chairman of the board, replacing chairman and founder Gregory J. Yurek, who retired earlier this year.
The Devens-based manufacturer of technologies for the electric power infrastructure noted that Wood, 67, has been an independent director of the company since 2006. Prior to joining AMSC’s board, Wood was CEO of Analogic Corp. Earlier in his career, he held senior executive positions over a 22-year career at Thermo Electron Corp. Wood also is a director for FLIR Systems Inc. and ESCO Corp. He earned a bachelor’s degree in electrical engineering from Louisiana Tech University and a master’s degree in electrical engineering from MIT.
Last week, AMSC reported that it has cut 150 jobs since April and has reduced expenses by 30 percent . The cuts leave the company with 600 employees. American Superconductor (Nasdaq: AMSC) said that the staff cuts were made to align costs with the revenue expectations the company lowered recently, which have been affected by “business and contractual issues” with its largest customer, Sinovel Wind Group Co. Ltd.
In July, AMSC disclosed it expects to restate its results for two recent quarters, reducing its expected revenue by 35 percent for the quarters.
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