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Sunday, Jan 29, 2023

Capstone Turbine Eliminates Three Executive Positions

Struggling Capstone Turbine Corp. has eliminated three executive positions in a management shakeup expected to reduce expenses.

The Chatsworth maker of industrial micro turbines appointed Jayme Brooks as chief financial officer and chief accounting officer. She previously had been vice president finance, one of the positions being eliminated. She replaces Edward Reich, the previous chief financial officer.

The new organizational structure, announced after markets closed on Friday, is expected to save about $2 million annually in salaries, benefits, bonuses and travel costs.

Chief Executive Darren Jamison said the new structure will improve communication and collaboration and allow innovative self-starters to excel.

“In addition, we can attract the type of employees who are encouraged by a work structure that requires self-motivation and cross-functional teamwork,” Jamison said in a prepared statement.

The company makes gas turbines for hybrid vehicles and backup electrical power, as well as for applications where utility sources of power are not available, such as remote oil-and-gas drilling, among other uses.

For the fiscal third quarter ended Dec. 31, Capstone posted a net loss of $3.9 million (-1 cent a share), compared with a net loss of $2.2 million (-1 cent) in the same period a year earlier. Revenue decreased 19 percent to $30.1 million.

In fiscal 2014, the company reported a net loss of $16.3 million (-5 cents a share) on revenue of $133 million.

Shares closed up 2 cents to 64 cents on the Nasdaq.


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