Yurek To Retire From AMSC
Greg Yurek, who founded Devens-based American Superconductor in 1987, is retiring as CEO as of June 1, at which time, Daniel McGahn, the president and COO, will take his place.
Yurek will remain on as the company's chairman until August and will continue as a senior adviser for two years.
In a written statement, the 64-year-old Yurek called his time at AMSC "challenging, exhilarating and rewarding."
McGahn, 39, joined the company in December 2006 and was named president and COO in December 2009. In that capacity, McGahn has overseen the company's day-to-day international operations.
According to a press release, the CEO succession plan has been discussed by the company's board of directors since late 2010.
Yurek will receive $2 million in cash during the next three years as part of his departure, according to an SEC filing dated May 24.
As of June 1, McGahn's base salary will increase from $330,000 to $480,000, with a $100,000 signing bonus and a bonus opportunity worth up to 100 percent of his base salary, according to the filing.
Last month, the company announced that it had been hit with a series of class-action lawsuits in the wake of its announcement that a Chinese energy company is not paying for shipments of AMSC wind turbine products.
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