Milwaukee-based ZBB Energy Corp. announced today that Paul Koeppe has agreed to serve as interim chief executive officer of the company after an internal investigation by the firm's audit committee resulted in the resignation of former CEO Robert Parry from the board of directors.
The company and Parry reached an agreement to address a "problem" regarding the company's tax classification of Parry's employment status and related withholding obligations in a manner that minimizes ZBB Energy's financial exposure.
Koeppe, who currently serves as an independent member of the board of directors, previously served as CEO and founder of Superconductivity Inc., a manufacturer of superconducting magnetic energy storage systems from 1988 to 1997, when it was acquired by American Superconductor, an electricity solutions company.
"We are taking all necessary actions to resolve the matter and to strengthen the company's internal controls on a going-forward basis," said ZBB chairman Bill Mundell. "We do not believe that the potential obligations identified in the internal investigation will have a material impact on the company's financial statements. We are also pleased that Paul Koeppe has agreed to undertake the role of chief executive officer on an interim basis and we are confident that Paul's leadership will help the company move forward and play a major role in addressing global energy issues."
ZBB also announced that its 2009 annual shareholders meeting has been rescheduled for Monday, Nov. 16.
Koeppe is new interim CEO at ZBB Energy Corp.
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