Capstone Turbine Corporation, the world's leading clean energy technology manufacturer of microturbine energy systems, announced that it has named Paul Chase to the position of Vice President, Manufacturing. With more than 30 years of experience in manufacturing, quality, purchasing and management, Chase brings the strategic vision necessary to deliver best in class manufacturing operations processes while at the same time maximizing operational efficiencies and reducing costs, something which is particularly beneficial to Capstone given the current economic environment. He joined Capstone effective August 31, 2016 and will assume leadership of the company’s manufacturing operations, overseeing the areas of quality and facilities. Previously, he served as Director of Nuclear Quality Assurance of Ruhrpumpen, Incorporated Industrias E.G., S.A. de C.V., which is a producer of centrifugal pumps for industrial applications.
“We are very pleased to welcome Paul to the Capstone Leadership team,” said Darren Jamison, President and Chief Executive Officer of Capstone. “He brings a wealth of experience and a vision which will build upon the progress we’ve made toward optimizing our manufacturing operations and delivering a consistent customer experience across multiple product lines. As we continue to expand our product offerings to meet the needs of our customers, we’ll look to Paul to implement process improvements, lean manufacturing and improved business performance,” added Jamison.
In addition to the other terms of his employment arrangement with Capstone, Chase received a grant of equity securities effective upon the date of commencement of his employment. Chase received options to purchase 88,930 shares of the common stock of the Company. Conditioned on his continued employment, the options will vest 25% after one year and, thereafter, will vest pro rata each month over the next 36 months. The exercise price of the options granted to Chase will be the fair market value of Capstone's common stock on the date of the grant, which is the closing price per share as reported on the Nasdaq Capital Market on August 31, 2016. The options expire 10 years from the date of grant. Chase will also receive a grant of 14,820 restricted stock units that vest 25% after each of the first four years of service.