Ram Power says to cut jobs, CEO to resign

Mon Jan 28, 2013 8:52am EST

Jan 28 (Reuters) - Renewable energy company Ram Power Corp said it will cut jobs at its head office in Reno, Nevada, and its chief executive Shuman Moore will resign effective Feb. 15 as it looks to reorganize its business.

Ram Power, with interests in geothermal projects in California, Nevada, Nicaragua and Canada, did not, however, disclose how many jobs would be cut.

The company also said Chief Financial Officer Selby Little's contract would not be renewed after it expires on March 31.

Ram Power, which plans to now focus mainly on its Nicaragua operations, said the reorganization will happen in the January to March quarter.

The company, which has a market value of about C$67 million, said the reorganization is expected to save about $4 million a year in corporate administrative cash costs.

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