You never like to see the CFO packing his bags.
The stock is still trading at a 35% discount to the IPO price.
Press Release via MarketWatch:
A123 Systems (AONE 8.85, -0.15, -1.67%) , a developer and manufacturer of advanced Nanophosphate(TM) lithium ion batteries and systems, today announced that Michael Rubino, CFO and vice president of finance & administration, will be leaving the company effective January 14, 2011 to join a Boston-based cleantech startup. A123 has initiated a search for Rubino's successor.
"Mike has been a great asset to A123 Systems, helping us establish a leadership position in the lithium-ion battery industry and guiding us from early financing stages through our initial public offering in September 2009. While his talents will be missed, we wish him the very best of luck with his future pursuits," said David Vieau, president and CEO of A123 Systems. "We believe the future for A123 looks very bright, thanks in large part to the robust financial, legal and information technology teams that Mike helped put in place. His leadership has helped position us to build a large and profitable company."
"My time with A123 Systems has been an extremely rewarding experience," said Rubino. "I remain confident in the company's market position and long-term opportunity, and expect A123 to continue to grow and prosper as one of the industry's leading providers of lithium-ion battery technology."