With effect from March 11, 2024, Vincent J. Canino has been appointed by the Board of Directors of Capstone Green Energy Holdings, Inc. to the positions of President and Chief Executive Officer, holding the position of Principal Executive Officer, as well as a member of the Board. The Board expanded from six to seven members in order to nominate Mr. Canino as a director.
Robert C. Flexon, the Company’s current temporary president and chief executive officer as well as principal executive officer, submitted his resignation from these roles to the board on March 11, 2024, in connection with the nomination of Mr. Canino as president and chief executive officer. The Company’s Current Report on Form 8-K filed on September 15, 2023, which is incorporated by reference herein, previously disclosed that Mr. Flexon will continue to receive his base salary during the Transition Period and that he will continue to serve as Executive Chairman of the Board until April 1, 2024 (the Transition Period). With effect from April 1, 2024, Mr. Flexon will return to his position as Non-Executive Chairman of the Board upon the end of the Transition Period.
Mr. Canino, 61, was the Chief Operating Officer of ESS Tech, Inc., a company that develops long-duration energy storage technologies, from September 2022 to March 2024, before he joined the company. He was most recently President and Chief Executive Officer of Smardt Chiller Group, Inc. (Smardt), a producer of oil-free chillers, where he worked for around eight years prior. Additionally, Mr. Canino worked with Trane Commercial Systems (Trane), a producer of HVAC systems, in a number of capacities, most notably as Vice President of Enterprise Businesses and Renewable Energy. Throughout his career, Mr. Canino has held a variety of leadership, management, operations, and sales positions with both privately and publicly traded companies. In addition to holding a Bachelor of Technology in Mechanical Engineering from the State University of New York at Binghamton and a Master of Science in Engineering Mechanics from Pennsylvania State University, Mr. Canino is a board member of Western Washington University.
The Board’s Compensation and Human Capital Committee authorized a base salary of $550,000 for Mr. Canino upon his appointment as President and Chief Executive Officer, which took effect on the Effective Date. There will be no further payment to Mr. Canino for serving as a director.
