Global Power names interim CEO, president

Global Power Equipment Group said on Friday that CEO and President Luis Manuel Ramirez has resigned and is no longer on the board of directors.

"We thank Luis for the contributions he made to Global Power during his tenure,” Global Power Chairman of the Board Charles Macaluso said. “He leaves the company in a strong position to continue its current strategy of expansion through a combination of organic growth and strategic acquisitions."

Officials on the Global Power board have named current director Terence Cryan as interim president and CEO.

Cryan, who joined the Texas-based company in 2008, has an extensive understanding of the energy industry, along with comprehensive executive-level experience and extensive expertise in financing, mergers and acquisitions. Over the last 10 years, Cryan has served as CEO at a number of publicly traded, private and nonprofit companies, including Concert Energy Partners, a New York City-based investment and private equity firm focused on the energy industry, which he co-founded in 2001.

"We are fortunate to have someone of Terence Cryan's caliber and experience to step in and lead Global Power,” Macaluso said. “His experiences as a leader in the energy industry, along with his Wall Street experience, give him a unique perspective on the opportunities and challenges in this sector. This will be an orderly transition with him at the helm. Global Power will stay on track with its current growth strategy, while continuing to provide customers with the high-quality services and products they have come to expect."

The Global Power board will begin a search to identify qualified candidates for a permanent successor.