A clean slate…

August 18, 2005

When Environmental Power (EPG) announced — well, mentioned in passing at the bottom of a press release — that CFO Jeff Macartney was stepping down, they didn’t even peddle the usual “more time with the family” or “personal projects” excuse.

But judging by an exhibit in their recent Q, which says that Macartney is never allowed to apply for a job at the company again, something must have gone pretty wrong, especially since the company entered into a new employment agreement with him on April 1. Maybe it was the fact that he filed a Form 4 more than a month late, according to the company’s K. Or maybe it was something else. Macartney had been CFO since May 2002.

Also interesting in the Q was the plans for Chairman Joseph Cresci and evp Donald Livingston to step down at the end of this year and spend the rest of the year in a “transition period”. From the filings, it looks like both men will be working out of the office. In exchange, they’ll receive 200,000 options a piece.

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