Global Power Equipment Group Inc. (Nasdaq: GLPW) has appointed Luis Manuel Ramirez as president and CEO of Global Power and as a member of the board of directors, the company announced today.
"Luis Ramirez is a highly effective, commercially oriented and customer-focused executive, possessing a solid financial background and extensive international and business development experience, " said Charles Macaluso, chairman of the board of directors of Global Power, in announcing the appointment. "He is ideally suited to take the top management position at Global Power and join the board."
Ramirez, 45, joins Global Power after 12 years with GE, most recently as CEO of GE Energy Industrial Solutions, a more than $3 billion global electrical products and services business operating in over 60 countries. In 2012, Ramirez was named one of the top 100 Movers and Shakers of the Smart Grid by Greentechmedia.com, and has also held a variety of leadership roles in industry associations.
Prior to his employment with GE, Ramirez worked for more than a decade in a number of technology, financial and business roles with Siemens.
David L. Keller, who has served as president and CEO of Global Power since September 2009 under a three-year employment agreement, will retire from all positions with Global Power effective June 30, 2012. Keller has agreed to serve as a consultant in order to assist in a smooth transition to Ramirez's leadership.
Macaluso thanked Keller for his service. "Under his leadership," Macaluso said, "Global Power returned to the public markets by listing on the Nasdaq Stock Market, divested its Deltak business in order to focus on its core operations, built significant cash reserves leading to the recent initiation of a stock repurchase program and quarterly dividend, relocated its corporate headquarters to Irving, Texas, and significantly enhanced the quality and frequency of the dialogue with our shareholders. We very much appreciate all of Dave's contributions to Global Power during his transformative tenure as President and Chief Executive Officer."
Global Power, based in Texas, is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries.
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