Active Power, Inc. (NASDAQ: ACPW), together with its subsidiaries, designs, manufactures, and markets critical power quality solutions. It provides various products that deliver continuous clean power; and protects customers from voltage fluctuations, such as surges and sags, and frequency fluctuations, as well as offer temporary power to bridge the gap between a power outage and the restoration of utility power.
ACPW announced that its board of directors has named Thomas Patrick Kelly to the company’s board effective Jan. 25, 2013. Kelly currently serves as interim CFO for Panera Bread Company (NASDAQ: PNRA). Kelly will replace Rod Bond who will not seek reelection as a board member when his term expires at the company’s annual shareholder meeting in May of 2013.
It is the board’s intention to reduce its membership to seven members following the departures of Bond and Benjamin Scott in May. Active Power announced on Dec. 10, 2012, Scott would not seek reelection as a board member when his term expires in May.
Dr. Almgren, Active Power’s Chairman, commented:
We are also excited to appoint Pat to our board as he brings to the table a tremendous amount of executive management, corporate strategy, business, and financial experience. We very much look forward to benefit from his strong business and financial acumen which is directly relevant to the next phase of the company.