August 16, 2011
American Superconductor Appoints Yurek's Replacement
Devens-based American Superconductor Corp. announced that John W. Wood Jr., one of its independent directors, has been appointed chairman of the board of directors.
Wood replaces longtime chairman, CEO and company founder Gregory J. Yurek, who retired earlier this year. Daniel McGahn took over as CEO in May.
The news comes a week after the company announced plans to lay off 150 employees.
The company has been struggling since March to remedy its books after a major customer in China refused to accept contracted shipments. It has delayed release of its 2010 annual report as well as a $270 million planned acquisition of a Finnish company.
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