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AMSC founder and CEO to step down

UNITED STATES: American Superconductor (AMSC) has announced the retirement of chief executive and founder Gregory Yurek.

Yurek is set to be replaced by current chief operating officer and president Daniel McGahn on June 1. Yurek will continue as chairman until the company’s annual meeting in August.

He will continue to serve as an advisor to the company for the next two years.

The reshuffle follows a difficult time for AMSC. In April, it was revealed that its biggest customer Sinovel had refused to accept and pay for contracted shipments of wind turbine components.

Additionally, several class-action lawsuits have been filed against AMSC alleging securities fraud by the Massachusetts-based company and some of its officials.

Yurek said: "The past 24 years have been challenging, exhilarating and rewarding. 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."

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