Koeppe is new interim CEO at ZBB Energy Corp.
Milwaukee-based ZBB Energy Corp. has named Paul Koeppe as interim chief executive officer of the company after an internal investigation by the firm’s audit committee resulted in the resignation of former CEO Robert Parry from the board of directors.
The company and Parry reached an agreement to address a "problem" regarding the company’s tax classification of Parry’s employment status and related withholding obligations in a manner that minimizes ZBB Energy’s financial exposure.
Koeppe, who currently serves as an independent member of the board of directors, previously served as CEO and founder of Superconductivity Inc., a manufacturer of superconducting magnetic energy storage systems from 1988 to 1997, when it was acquired by American Superconductor, an electricity solutions company.
"We are taking all necessary actions to resolve the matter and to strengthen the company’s internal controls on a going-forward basis," said ZBB chairman Bill Mundell. "We do not believe that the potential obligations identified in the internal investigation will have a material impact on the company’s financial statements. We are also pleased that Paul Koeppe has agreed to undertake the role of chief executive officer on an interim basis and we are confident that Paul’s leadership will help the company move forward and play a major role in addressing global energy issues."
ZBB also announced that its 2009 annual shareholders meeting has been rescheduled for Monday, Nov. 16.
Modine’s CFO to leave company Friday
Bradley C. Richardson, executive vice president of corporate strategy, chief financial officer and director of Racine-based Modine Manufacturing Company has resigned his position effective Friday. Richardson has accepted another position with a publicly held company.
Robert R. Kampstra, Vice President and Corporate Controller, will assume the responsibilities of the Chief Accounting Officer on Nov. 13. He will report directly to Thomas Burke, president and CEO of Modine, while the company begins a search for Richardson’s successor.
“Brad Richardson has been a valued member of our executive team since 2003 and has played an important role in helping guide the strategic transformation of our company,” Burke said. “He leaves with our blessing in order to accept a similar position and at the same time fulfill his desire to return to his native Ohio where much of his family still resides. Brad leaves Modine at a time when we are well positioned both strategically and financially to build on our Four-Point Plan and continue our drive for long term, sustainable growth. We thank Brad for his service and wish him and his family our very best on this next chapter in their lives.”