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Ridenour to Become UQM Technologies CEO in Dec.

August 31, 2010

LONGMONT, CO - UQM Technologies Inc., a developer of alternative energy technologies, has appointed Eric Ridenour, former chief operating officer of the Chrysler Group, to the position of president and chief operating officer. Ridenour will join UQM on Sept. 1 and later assume the position of CEO on Dec. 1, the company said.

Current CEO William G. Rankin will continue as chairman of the board of directors.

Ridenour, a 26-year veteran of the automobile industry, began his career as a powertrain engineer with General Motors Corp.

During his 21 years with the Chrysler Group, he served in a series of management positions. Those roles included director of advanced vehicle engineering, vice president of product planning, vice president of the premium vehicle product team, and executive vice president of product development and quality. From 2005 through 2007, he was COO and a member of the board of management at DaimlerChrysler AG.

In his role as chief operating officer at Chrysler, Ridenour was responsible for a $10 billion operating budget and a workforce of 65,000 employees.

"We are excited to have Eric join the company as we begin the next phase of our growth," said Rankin, UQM Technologies' chairman and CEO. "Eric's decades of experience in the automobile industry and extensive experience as a senior manager in a variety of important roles at Chrysler make him the ideal person to lead our company into the future."

Rankin will step down as CEO on Nov. 30, after nearly 18 years of service with the company.

"Bill's strategic vision and hard work during his tenure has transformed the company from a small technology development company to a qualified manufacturer of world-class electric propulsion systems and positioned the company as a key player in the market for electrically powered vehicles," said Stephen J. Roy, the senior member of the company's board of directors. "We look forward to Bill's continued involvement as chairman of the board and we wish him the best during his retirement years."

UQM Technologies is developing products for the alternative energy technologies sector, including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. 

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