Ram Power CEO resigns, stock drops 17 percent

Ram Power CEO resigns, stock drops 17 percent ThermaSource drilling rig on project site at San Jacinto, Nicaragua (source: Ram Power)
Alexander Richter 14 Feb 2011

Geothermal developer Ram Power Corp., listed on the Toronto Stock Exchanges, announces the resignation of its President and CEO Hezy Ram, effective immediately, with an immediate 9 percent drop in stock price today.

In a release by the company, “Ram Power, Corp. (TSX: RPG) announced today Mr. Hezy Ram has resigned as President and Chief Executive Officer of Ram Power and as a member of the board of directors (the “Board”) of Ram Power, effective immediately.

A Search Committee will be formed by the Board to begin the search, selection and appointment of a new President and Chief Executive Officer. Effective immediately, the Board has appointed Mr. Walter M. Higgins, to serve as Ram Power’s interim President and Chief Executive Officer. Mr. Higgins has been a member of the Board since 2009. Mr. Higgins will serve as Interim President and Chief Executive Officer until a successor is found.

Mr. Higgins, retired Chairman and CEO of Sierra Pacific Resources, now NV Energy, the electric and gas utility for most of Nevada, has over 34 years of experience in the energy sector. He is also a director of South Jersey Industries (a diversified energy and natural gas utility holding company), AEGIS Insurance (a property and casualty insurer to the electric and gas industries), TAS Energy (a manufacturer of energy and industrial cooling equipment), Imperial Finance, and is a member of the board of the operating company of Landis+Gyr, the world’s leading smart grid and metering company. He also serves on several community organization boards.

“Mr. Higgins is very familiar with the operations of the Corporation and has played a major role in the key strategic decisions throughout the Corporation’s evolution,” said Mr. Antony Mitchell, Ram Power’s Executive Chairman. Added Mr. Mitchell, “Mr. Higgins’s previous senior management utility experience makes him an ideal choice to guide the company as interim CEO.”

Mr. Ram was a founder of the Corporation and an important contributor to its growth and success. The Board thanks Mr. Ram for his dedication to the Corporation and wishes him well in his future endeavors.”

Source: Ram Power announcement via e-mail