NORTHERN POWER SYSTEMS CORP. (TSE:NPS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June29, 2018, the Board of Directors of the Company appointed Ciel R. Caldwell, the Company’s President and Chief Operating Officer, as interim Chief Financial Officer, effective as of the date of Mr.Larson’s resignation. Ms. Caldwell will continue to serve in the capacity as President and Chief Operating Officer of the Company while she serves as interim Chief Financial Officer. Ms. Caldwell previously has served as the Company’s Chief Financial Officer from February 2013 until May 2016. From May 2016 to August 2016, Ms. Caldwell served as the Company’s Senior Vice President for Operations and Finance. Ms. Caldwell joined the Company in February of 2011. Ms. Caldwell began her career at PricewaterhouseCoopers and holds a B.S. in Accounting from Babson College.
There are no family relationships between Ms. Caldwell and any director or executive officer of the Company, and she has no direct or indirect material interest in any transaction required to be disclosed to Item404(a)of Regulation S-K.
No new compensatory or severance arrangements were entered into in connection with Ms. Caldwell’s appointment as interim Chief Financial Officer.
About NORTHERN POWER SYSTEMS CORP. (TSE:NPS)
Northern Power Systems Corp. is a provider of renewable power creation and power conversion technology for the energy sector. The Company designs, manufactures and services permanent magnet direct-drive (PMDD) wind turbines for the distributed wind market. Its segments include Product Sales and Service, Technology Licensing, Technology Development and Shared Services. The Product Sales and Service segment includes the sale of distributed-class turbines along with related services and other products produced and sold to customers. The Technology Licensing segment includes the licensing of packages of its developed technology. The Technology Development segment includes the development of technology for specific customer needs. The Shared Services segment comprises general and administrative departments. The Company licenses its utility-class wind turbine platform, which uses the PMDD technology as its distributed turbines, to the manufacturers on a global basis.