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Capstone Turbine CEO Quits

July 25, 2006|From Times Staff and Wire Reports

Capstone Turbine Corp. said Monday that its chief executive and president, John Tucker, had resigned, citing personal reasons.

Tucker's last day at the Chatsworth-based company will be July 31, Capstone said.

It said Chief Operating Officer Mark Gilbreth would serve as CEO and president on an interim basis.

Tucker, 59, who has been CEO since August 2003, has agreed to assist with the transition in a consulting capacity until July 31, 2007, the company said.

Capstone, which makes power-generation mini-systems primarily used as backups in emergencies, hasn't turned a profit in any quarter since going public in 2000. It lost $3.2 million in the quarter ended March 31 on revenue of $7.6 million.

Capstone shares, which reached a peak of $94 in 2000, closed at $2.12, up 10 cents, before the announcement.

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Reuters was used in compiling this report.

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