Executive changes to the board and leadership of Entech Solar has led to the company’s chairman David Gelbaum assuming the CEO role. Stepping down from the CEO role, Dr. Frank W. Smith will remain on the company board and in an advisory capacity for the new appointment’s transition.
David Gelbaum is also Trustee of The Quercus Trust, a major shareholder in the company, and has invested an additional $600,000 through a private placement agreement in return for Entech Solar restricted common stock at a purchase price of $0.08 per share.
“I recognize and appreciate the excellent job that Frank has done in taking the Company through a difficult transition period over the past two years”, commented Gelbaum. “The Company’s transition is substantially complete and Entech Solar is now well-positioned to complete the product development and commercialization of its ThermaVolt, SolarVolt and Daylighting products.”
Furthermore, Board member and chairman of the audit committee Jacob J. Worenklein has resigned from the board to pursue other interests.