WESTBOROUGH, Mass., Feb. 13, 2004 — American Superconductor Corp., an electricity solutions company, has named David Paratore its president and chief operating officer. Paratore will report to AMSC co-founder, chairman and chief executive officer Greg Yurek.
As president and COO, Paratore will oversee operations of the Company’s AMSC Wires, SuperMachines and Power Electronic Systems business units; general managers for each of these businesses will report to him. He will also be responsible for general operations of the corporation.
Paratore joined the Company in 2000 and has served as general manager of three of the firm’s business units during his three-and-a-half-year tenure. Most recently, Paratore was senior vice president and general manager of the Company’s AMSC Wires business unit where he dramatically increased the productivity of its state-of-the-art high temperature superconductor (HTS) wire manufacturing facility by over 50 percent within seven months.
Prior to that he was general manager of AMSC SuperMachines where he led that business in winning a $70 million contract from the U.S. Navy to design and manufacture a 36.5 MW HTS ship propulsion motor. Before that he was general manager of AMSC’s Integrated Electronics division in Milwaukee, which was later merged with AMSC’s Power Electronic Systems business, where he led the development of AMSC’s PowerModuleà¢â€ž- power electronic converter product line.
The promotion is effective immediately; Paratore will continue to fill the role of general manager of AMSC Wires until a replacement for that position is named.
While Paratore will focus on day-to-day operations of AMSC, Yurek will continue to focus on corporate strategy, mergers and acquisitions and the development of new business opportunities for AMSC’s growing array of technologies and products. Yurek is credited with fostering and implementing strategic relationships with companies and governments around the world that have created the foundation for AMSC’s accelerating revenue growth over the last three years.
“Dave has demonstrated dynamic leadership and operational excellence as general manager of three of our business units since he joined us in 2000,” said Yurek. “His experience, critical thinking, energy and focus have delivered a series of significant business successes for us. In his new role, Dave will be responsible for all of AMSC’s operations. We’re undergoing tremendous, year-over-year growth in revenue and Dave is just the right experienced leader to step into this key operational role. I look forward to working alongside Dave as we continue to drive further growth of AMSC.”
Before joining American Superconductor, Paratore, 36, previously held positions in operations and general management with Pratt & Whitney, a subsidiary of United Technologies Corporation. Paratore holds an MBA from Rensselaer Polytechnic Institute and a Bachelor’s Degree in mechanical engineering from the University of Massachusetts, Amherst.
About American Superconductor Corporation (Nasdaq: AMSC)
AMSC is a supplier of dynamic reactive power grid stabilization products and the world’s principal vendor of high temperature superconductor (HTS) wire and large rotating superconductor machinery. AMSC’s power electronic converters and HTS wire are at the core of a broad range of new electricity transmission and distribution, transportation, medical and industrial processing applications, including dynamic reactive power grid stabilization solutions, large ship propulsion motors and generators, smart, controllable, superconductor power cables and advanced defense systems. More information is available at www.amsuper.com.