14:30 | 23.08.2010
UQM Technologies Appoints Former Chrysler Group Chief Operating Officer, Eric Ridenour, as President and Chief Operating Officer
UQM Technologies, Inc. (NYSE Amex: UQM), a developer of
alternative energy technologies, announced today that it has appointed
Eric Ridenour, former Chief Operating Officer of the Chrysler Group, to
the position of President and Chief Operating Officer. Mr. Ridenour will
join the Company on September 1, 2010 and will become Chief Executive
Officer on December 1, 2010. William G. Rankin will continue as Chairman
of the Board of Directors.
Mr. Ridenour, a 26-year veteran of the automobile industry, began his
career as a powertrain engineer with General Motors Corporation. During
his 21 years with the Chrysler Group, Mr. Ridenour served in a series of
progressively responsible positions including Director of Advanced
Vehicle Engineering, Vice President of Product Planning, Vice President
of the Premium Vehicle Product Team, Executive Vice President of Product
Development and Quality, and from 2005 through 2007, as Chief Operating
Officer and Member of the Board of Management at DaimlerChrysler AG. Mr.
Ridenour holds a Bachelor of Science Degree in Mechanical Engineering
and a Master’s of Business Administration, both from the University of
Michigan. In his role as Chief Operating Officer at Chrysler, Mr.
Ridenour was responsible for a $10 billion operating budget and a
workforce of 65,000 employees.
“We are excited to have Eric join the Company as we begin the next phase
of our growth,” said William G. Rankin, UQM Technologies’ Chairman and
Chief Executive Officer. “Eric’s decades of experience in the automobile
industry and extensive experience as a senior manager in a variety of
important roles at Chrysler make him the ideal person to lead our
company into the future.”
Mr. Rankin will step down as Chief Executive Officer effective November
30, 2010 after nearly 18 years of service with the Company. Mr. Rankin
joined the Company as Executive Vice President – Operations in 1992, was
appointed to the Board of Directors in 1994, assumed the position of
President and Chief Executive Officer in 1999 and became Chairman of the
Board of Directors in 2000.
“Bill’s strategic vision and hard work during his tenure has transformed
the company from a small technology development company to a qualified
manufacturer of world-class electric propulsion systems and positioned
the Company as a key player in the market for electrically powered
vehicles,” said Stephen J. Roy, the senior member of the Company’s Board
of Directors. “We look forward to Bill’s continued involvement as
Chairman of the Board and we wish him the best during his retirement
years.”
UQM Technologies, Inc. is a developer and manufacturer of power dense,
high efficiency electric motors, generators and power electronic
controllers for the automotive, aerospace, military and industrial
markets. A major emphasis of the Company is developing products for the
alternative energy technologies sector including propulsion systems for
electric, hybrid electric, plug-in hybrid electric and fuel cell
electric vehicles, under-the-hood power accessories and other vehicle
auxiliaries. The Company’s headquarters, engineering and product
development center, and manufacturing operation are located in Longmont,
Colorado. For more information on the Company, please visit its
worldwide website at www.uqm.com.
This Release contains statements that constitute “forward-looking
statements” within the meaning of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act. These statements appear in a
number of places in this Release and include statements regarding our
plans, beliefs or current expectations, including those plans, beliefs
and expectations of our officers and directors with respect to, among
other things, future financial results and revenue growth, orders to be
received under our supply agreement with CODA, our ability to
successfully expand our manufacturing facilities, the timing and success
of the DCAA audit of the Company’s accounting system and release of
conditional funds under the DOE award, and the continued growth of the
electric-powered vehicle industry. Important Risk Factors that could
cause actual results to differ from those contained in the
forward-looking statements are contained in our Form 10-Q filed July 29,
2010, which is available through our website at www.uqm.com
or at www.sec.gov.
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