Capstone Shares Drop After Appointment of M&A Officer

Shares of Capstone Green Energy Corp. dropped nearly 10 percent after the company announced the appointment of Jeff Foster as senior vice president of corporate development.  In that role, Foster will lead the Van Nuys clean energy technology manufacturer’s efforts in evaluating potential acquisitions, joint ventures and other strategic transactions, the company said in a statement.Additionally, the company has recruited Nick McGrath to be director of business development for Europe and lead Capstone’s efforts there in response to the growing European energy storage markets.Darren Jamison, chief executive of Capstone, said that the energy-as-a-service and microgrid sectors are expected to see growth in the years ahead and the company needs to position itself to maximize opportunities.“Acquisitions or other strategic transactions should definitely play a part in that strategy,” Jamison said in a statement. “This process begins by having the right people, and we are dedicating an experienced, high-level executive in Jeff Foster to oversee this process.”To fill Foster’s previous roles, Capstone promoted Don Ayers to vice president of technology, and Tracy Chidbachian to director of customer service.Announcement of the management changes was made Thursday. On Friday, shares of Capstone (CGRN) closed down 74 cents, or more than 9.6 percent, to $6.93 on the Nasdaq, on a day when that market closed up a fraction of a percent.