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ACPW > SEC Filings for ACPW > Form 8-K on 9-Jul-2013All Recent SEC Filings

Show all filings for ACTIVE POWER INC

Form 8-K for ACTIVE POWER INC


9-Jul-2013

Change in Directors or Principal Officers, Regulation FD Disclosure


Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b)

Resignation of J. Douglas Milner.

On July 2, 2013, J. Douglas Milner resigned as the President and Chief Executive Officer of Active Power, Inc. (the "Company") effective July 29, 2013. Mr. Milner informed the Board that he has accepted an offer to pursue a new opportunity. On July 8, 2013, Mr. Milner resigned as a member of the Company's Board of Directors (the "Board") effective immediately.

(c)

Appointment of Ake Almgren as Interim President and Chief Executive Officer.

On July 5, 2013, the Board appointed Ake Almgren to serve as the interim Chief Executive Officer and President of the Company, upon the effectiveness of Mr. Milner's resignation as the Company's President and Chief Executive Officer.

Dr. Almgren, 67, has served as a member of the Board since March 2004 and as Chairman since December 2012. From March 2009 until September 2011, Dr. Almgren served as the Chief Executive Officer and President of International Battery, a manufacturer of lithium ion cells and batteries. Since May 2003, Dr. Almgren has also served as President of his consultant company, ORKAS Inc. From July 1998 to May 2003, Dr. Almgren served as Chief Executive Officer and President of Capstone Turbine Corp. Prior to his employment at Capstone, Dr. Almgren had a 26-year career at ASEA Brown Boveri Limited (ABB), a worldwide power solutions company, where he was President of several ABB companies, including ABB Power T&D Co., involved in electric transmission and distribution equipment and systems worldwide. Dr. Almgren also serves on the board of managers of PJM Interconnect LLC. Dr. Almgren holds a Ph.D. in Engineering from Linkopings Tekniska Hogskola in Sweden and a Masters of Mechanical Engineering from the Royal Institute of Technology in Stockholm, Sweden.

There are no family relationships between Dr. Almgren and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

The Company will reimburse Dr. Almgren for approved reasonable and customary out-of-pocket expenses incurred in connection with his service as interim President and Chief Executive Officer, including travel and lodging expenses.
The Board has not yet determined whether Dr. Almgren will receive any additional compensation for serving as interim President and Chief Executive Officer.

(e)

The information set forth above under Item 5.02(c) is hereby incorporated by reference into this Item 5.02(e).



Item 7.01. Regulation FD Disclosure.

On July 9, 2013, the Company issued a press release announcing the management changes set forth in Item 5.02 of this Form 8-K. A copy of the Company's press release is furnished with this Form 8-K and attached hereto as Exhibit 99.1.
Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


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