Developer and Operator U.S. Geothermal names new CEO

Neal Hot Springs project site, Oregon (source: U.S. Geothermal)

Alexander Richter 22 Apr 2013

This morning, geothermal developer U.S. Geothermal Inc. (TSX:GTH) announced that founder, director and Chief Executive Officer Daniel Kunz will retire as chief executive and a member of the board of directors. Dennis Gilles was named by the board as his successor as Chief Executive Officer. Under a succession plan, Mr. Kunz will serve as a consultant providing Executive Advisory Services for one year to ensure a smooth transition as Mr. Gilles assumes his new responsibilities.

Chairman of Board, John Walker said, “Ten years ago U.S. Geothermal Inc. was little more than an idea. Today the company has three operating power plants, a pipeline of quality development assets, a very skilled management and operating team, positive cash flows, and prospects for a bright future. On behalf of the Board of Directors and all of the employees, I would like to extend our gratitude and thanks to Dan for his outstanding contribution to the company in our first decade. His exceptional contributions in financing, building, and leading U.S. Geothermal over the last decade has created a leading independent producer of clean geothermal power, and we wish him all the best in his retirement and other pursuits. Dennis is a seasoned executive with over 25 years of experience in geothermal, has served as a senior officer of a leading geothermal power producer, and is also well versed in the affairs of the Company having served as a director since in 2011. I am confident that Dan and Dennis will work very closely together over the next year ensuring a smooth and effective transition.”

Mr. Gilles was formerly Senior Vice President of Calpine Corporation, and retired from Calpine in 2011 after 23 years of service. Mr. Gilles was part of the expansion and growth of Calpine from its very first megawatt to what is now the largest independent power producer in the United States. During his time with Calpine, Mr. Gilles was instrumental in overseeing the growth of Calpine’s geothermal business from 1 MW to over 750 MW’s. He was also responsible for leading Calpine’s Western Region Operations, with a generation capacity of over 7000 MW’s. Mr. Gilles holds a Masters of Business Administration and a Bachelor of Science in Mechanical Engineering. He will continue as a director of the Company, and will assume the position of CEO effective immediately, responsible for continuing the growth and success of U.S. Geothermal.”

Source: Company release via Marketwire