UQM Technologies removes CEO Eric Ridenour, promotes Joseph Mitchell

LONGMONT — UQM Technologies Inc. (NYSE: UQM) disclosed in a regulatory filing Tuesday that the company’s board of directors has “removed” Eric Ridenour from his posts as president and chief executive of the company.

Senior vice president of operations Joseph Mitchell has been promoted to chief operating officer and will serve as interim president and CEO while a replacement for Ridenour is sought.

A reason for Ridenour’s dismissal was not given. The company stated in a press release announcing Mitchell’s promotion that Ridenour had left the company “to pursue other interests.” The regulatory filing noted that Ridenour would also not be nominated for re-election to UQM’s board of directors at the company’s upcoming annual shareholder meeting.

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“We thank Eric for his leadership during the last five years,” UQM board chairman Donald Vanlandingham said in a prepared statement.

UQM makes electric motors, generators, power electronic controllers and fuel cell compressors for commercial trucks and the marine, military and industrial markets.

Mitchell, who will have a base salary of $255,000, takes over a company that has seen its share price fall by more than 60 percent over the past year. Shares slid more than 10 percent Tuesday to close at 73.5 cents per share. In May, the company reported a $6 million loss for its fiscal year that ended March 31, with revenue declining from $7 million the year before to $4 million.

Mitchell, 54, has been with UQM since 2012, having previously served as director of quality, North America, for A123 Systems Inc. He also held posts Continental Automotive and Siemens VDO.

“Joe has played a major role in the company’s progress on a number of fronts and is ideally suited to assume these added responsibilities because of his integral knowledge of all aspects of the business and his strong relationships throughout the industry,” Vanlandingham said.