Capstone Turbine Corporation (NASDAQ:CPST), the maker of low-emission, clean-energy microturbines, announced Wednesday that it has appointed Frederick Hencken III as the company’s chief financial officer.
Hencken, who is currently the interim CFO will step up to being the CFO from January 1, 2020. He will continue to serve as the company’s chief accounting officer, principal financial officer and principal accounting officer.
Hencken became the interim CFO on October 1 and has served as the company’s chief accounting officer since April 2019.
In a statement, Capstone Turbine CEO Darren Jamison noted that Hencken was valuable as he brought more than 18 years of finance and operational experience to Capstone along with an “extensive background” in financial planning, management and business strategy to Capstone.
“Eric has solid experience in the technology industry and has previously been involved in mergers and acquisitions,” said Jamison.
“Eric’s excellent performance as Capstone’s controller and chief accounting officer, and most recently as interim CFO, has prepared him well for this new expanded role as Capstone’s CFO and he brings a principled and engaging approach to the CFO role,” he added.
Before joining Capstone, Hencken held various finance and accounting roles with InnoVista Sensors, previously known as Custom Sensors and Technologies Inc, a company specializing in designing and manufacturing sensors. He also had financial stints in THQ Inc, a developer and publisher of games and interactive entertainment software. Prior to THQ Inc, Hencken worked for McGladrey LLP, a provider of assurance, tax, and consulting services.
Hencken holds a Bachelor of Science degree in accounting from California State University, Long Beach and is a certified public accountant licensed in California.
"I’m honored to be joining the Capstone leadership team and I look forward to putting my background and skills to work to help achieve greater results for our employees, suppliers, distribution partners, customers and shareholders, by working closely to deliver on our multiple strategic initiatives, which should lead to a lower cash burn, improved gross margins, lower direct material costs and lower operating expenses," said Hencken.
"I’m committed to helping the company build on its recent momentum, and believe we can achieve our stated goal of achieving positive adjusted EBITDA in the June 2020 quarter and build a sustainable and profitable business to support our long-term growth plans,” he added.
Capstone, based in Van Nuys, California, offers a product line-up of microturbines that can produce anywhere from 30 kilowatts to 10 megawatts of power, operating on a variety of gaseous or liquid fuels. To date, Capstone has shipped over 9,000 units to 73 countries.
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