Advanced Energy CFO to step down

FORT COLLINS – Danny Herron, chief financial officer and executive vice president for Advanced Energy Industries Inc. (Nasdaq: AEIS), will step down, marking the third resignation of an Advanced Energy executive since May.

Herron will leave the Fort Collins-based company after a transition period to pursue other opportunities, Advanced Energy said in a statement issued after the market closed Tuesday. The company makes precision-power and solar energy products.

Herron will continue to receive his base salary during the transition period and a total of $783,000 within four months after his employment ends, according to a company filing with the Securities and Exchange Commission.

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Herron’s resignation follows a tough third quarter for Advanced Energy’s solar inverter business. The company’s third-quarter solar inverter sales totaled $52 million, down from the $67.5 million in the third quarter of last year. Advanced Energy executives blamed uncertainty in the U.S. utility-scale solar market surrounding tariffs on Chinese solar panels.

Advanced Energy chief executive Garry Rogerson resigned June 2, and solar-unit president Gordon Tredger resigned his position May 5. Yuval Wasserman replaced Rogerson as chief executive.

“In the more than four years that Danny has been with Advanced Energy, he has been instrumental in helping us execute on our strategic priorities and driving operational excellence,” Wasserman said in the company’s statement. “We are grateful for his years of service and wish him success in his future endeavors.”

“Being part of Advanced Energy’s transformation has been professionally rewarding,” Herron said in the statement. “I am confident that the team will continue to drive shareholder value and wish them continued success.”

The company has initiated a search to replace Herron, who has agreed to continue in his role during the period. Meanwhile, Bill Trupkiewicz, the company’s vice president and corporate controller, has been promoted to chief accounting officer.

Advanced Energy gained less than a point to close at $20.53 on Tuesday.