U.S. Geothermal Inc. Appoints Douglas J. Glaspey Interim CEO and Enters Into Executive Advisor Agreement With Dennis J. Gilles

Announced Date :  Jul 13, 2017


U.S. Geothermal Inc., a leading and profitable renewable energy company focused on the development, production, and sale of electricity from geothermal energy, announced that the Company's Board of Directors has appointed Douglas J. Glaspey as Interim Chief Executive Officer, effective July 19, 2017. Mr. Glaspey will also continue to serve as the Company's President and Chief Operating Officer.
The Company also announced that it has entered into a six-month agreement with current Chief Executive Officer, Dennis J. Gilles, to serve as an Executive Advisor to the Company, effective at the conclusion of Mr. Gilles' current employment agreement, which expires on July 18, 2017.

"On behalf of the entire Board of Directors, we would like to extend our gratitude and thanks to Dennis for his outstanding contribution to the company over the past 6 years as a Member of our Board of Directors, as well as the past 4 years as CEO, and we are very pleased to appoint Doug as the Company's Interim CEO," said John H. Walker, Chairman of the Board.  "As one of the Founders of U.S. Geothermal, we believe Doug's extensive knowledge of the Company and geothermal industry experience, will prove valuable as our previously announced Executive Committee continues in the search process for a permanent CEO."

"I look forward to working closely with Dennis, my fellow Board Members and the Management Team as we continue to execute on the operational performance at our existing operating plants, while maintaining our focus on long-term growth by transacting power purchase agreements for our development projects," said Doug Glaspey, Interim CEO, President and Chief Operating Officer.

As previously announced, the Board of Directors has established an Executive Committee that, in addition to overseeing the search for a new CEO, will help guide the company on key strategic initiatives and capital allocation.

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