Capstone Turbine CFO Announces Resignation

December 20, 2001 by Jeff Shepard

Jeffrey Watts, CFO, announced plans to retire from Capstone Turbine Corp. (Chatsworth, CA). Watts has agreed to remain with Capstone until the beginning of 2002 and will be available to assist in the transition to his successor.

Of his decision to leave Capstone, Watts stated, "I am more firmly a believer in Capstone and opportunities in distributed generation than ever before. The organization is changing and gaining new momentum and that is exciting. Additionally, our product is passing key endurance and application milestones. This provides me with an opportune time to seamlessly transition to pursue other interests, including focusing on other start-up companies. I am very proud of the work we have done at Capstone and look forward to staying in touch as our team continues to develop and expand the market for distributed resources."

Ake Almgren, Capstone president and CEO, said, "Jeff has been an exceptional asset to Capstone over the long haul. His expertise was instrumental in guiding us through some very challenging times in our pre-commercial phases, including multiple private placements, our successful initial public offering and first secondary offering last year. We could not have gotten to where we are without him."