Capstone furloughs 55% of workforce, cuts executive pay as it shifts to Energy-as-a-Service model

Capstone Energy Plus, Inc.

CRO James Crouse terminated effective April 1, 2022; CAO Neshan Tavitian furloughed for 120 days.
CFO Frederick Hencken assumes additional role as CAO; CEO and CFO take 25% base salary reduction for 120 days.
Approximately 55% of direct workforce furloughed or pay reduced beginning Feb 28, 2022; furloughed eligible for unemployment.
Plan aims to reach consistent quarterly positive adjusted EBITDA, aligning cost structure with growing EaaS rental revenues.

item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed (interim)

Neshan Tavitian

Chief Accounting Officer

CGEH · Capstone Energy Plus, Inc.

Effective: 2022-02-28
Successor: Frederick S. Hencken III
Filed: March 3, 2022, 6:59 PM ET

the Company also furloughed Neshan “Nino” Tavitian, the Company’s Chief Accounting Officer, effective February 28, 2022, for 120 days.

Role change

Frederick S. Hencken III

Chief Accounting Officer

CGEH · Capstone Energy Plus, Inc.

Effective: 2022-02-28
Filed: March 3, 2022, 6:59 PM ET

In his absence, Mr. Frederick S. Hencken III has assumed the role of Chief Accounting Officer.

Departed

James Crouse

Chief Revenue Officer

CGEH · Capstone Energy Plus, Inc.

Effective: 2022-04-01
Filed: March 3, 2022, 6:59 PM ET

the employment of James Crouse, the Chief Revenue Officer of the Company, will terminate effective April 1, 2022.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Neshan Tavitian departed as Chief Accounting Officer at Capstone Energy Plus, Inc..

Action: furloughed
Role: Chief Accounting Officer

Exact text from the filing

the Company also furloughed Neshan “Nino” Tavitian, the Company’s Chief Accounting Officer, effective February 28, 2022, for 120 days.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Frederick S. Hencken III changed role as Chief Accounting Officer at Capstone Energy Plus, Inc..

Action: assumed the role of Chief Accounting Officer
Role: Chief Accounting Officer

Exact text from the filing

In his absence, Mr. Frederick S. Hencken III has assumed the role of Chief Accounting Officer.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

James Crouse was terminated as Chief Revenue Officer at Capstone Energy Plus, Inc..

Action: terminated
Role: Chief Revenue Officer

Exact text from the filing

the employment of James Crouse, the Chief Revenue Officer of the Company, will terminate effective April 1, 2022.

View on SEC.gov

Capstone Energy Plus, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-22-002729

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