Here we tell the tale of an executive shake-up of epic proportions.

Keith Schmid, chief executive officer Boston-Power, a Massachusetts-based company that designs and manufacturers application-specific lithium-ion batteries, has reportedly resigned amidst word that the firm will soon shift some of its resources to China. Gone too are founder and former head Christina Lampe-Onnerud, chief financial officer Steve Byram and vice-president of marketing Sally Bament, according to the Boston Globe.

What's driving this executive fallout? Well, word is Boston-Power expects to announce a funding deal early as next week and, according to the firm's spokesperson, part of the investment requires Boston-Power to downsize its local staff and focus instead on its existing operations in China. The company, founded by Lampe-Onnerud in 2005, has offices in the U.S., Sweden, Taiwan and China.


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    • 1 Second Ago
  • 10 Comments
      Ford Future
      • 3 Years Ago
      It's not that this makes sense, it's just that everybody's doing it. Wall Street Doesn't Run on Brains, it runs on Herd Instinct. Just like the Securitization Debacle, doing what everyone else does, is supposed to be common sense, for those too lazy to think and look at the big picture.
      Ford Future
      • 3 Years Ago
      There's just been a paper out on Wall Street's MIS-Reading of the Present Value of Money formula. An inhérent mis-understanding, that is not calculated, because it's not calculable, is the Real Future Growth of a Corporation, an Innovative Corporation like Apple. Using the Present value of Money formula on Apple in the 1980's would have made you sell the stock. By sending Jobs to China today you give up ALL FUTURE Innovation, and All Spinoff Companies. You'd have to be an InSaNe IdIoT to do that = Today's Wall Street, the Big Family of Idiots.
      EVSUPERHERO
      • 3 Years Ago
      Investors driving the short term greed angle again. What is going to happen when Chinese labor demands more money, this is already happening. They won't be able to drive them all into submission with a club some will become martyrs.
      Dave D
      • 3 Years Ago
      I have left two startups now for this reason. I am sick of us shipping every job we have to China...I just don't need the extra money that bad and it's all short term gains anyway. It will come back and bite us all in the ass eventually. Of course, now I'm working with a larger company...and they are trying to drag me into a scheme to move another 200 jobs to Bangalore and/or the Phillipines. Sigh. We are trying our damndest to drown ourselves in our own filth.
        super390
        • 3 Years Ago
        @Dave D
        Our ass has already been bitten. Look at any chart of the distribution of wealth in America over the last 100 years. See that stratospheric, unprecedented climb upwards starting around 1980? That was when the big project was moving all the good jobs to Mexico and Korea. It is also when banks and S&Ls allowed massive private borrowing, so the falling wages of ordinary people did not immediately lead to falling consumption. Then came the '91 recession. It's been cycles of that ever since, with new injections of cheap foreign labor lowering the cost of goods until our own pay cuts choke us, while the stockholders get all the new profits. Said profits are then reinvested in political candidates, biased think-tanks, and opinionated media to prepare the public to rinse and repeat all the way down to El Salvador-hood. Back in the Reagan days radicals complained that El Salvador was owned by only 400 families. Now I hear that 400 US families have as much economic means as the entire lower 50% of the American population. Perhaps they think wrecking our economy by shipping jobs overseas and then ruling the wreckage is a net gain.
      Ford Future
      • 3 Years Ago
      This could be CEO Kickback's from China. Where Bribery is Legal.
      Spec
      • 3 Years Ago
      Maybe we should have let all the banks go bankrupt. Let the real estate markets completely crash. And let wages plummet. That appears to be the only way we'll be able to stop everything from moving to China. :-/ China won WW3 when we didn't even realize it was happening. They have eliminated our manufacturing base better than any bombing campaign ever could. It is time for the rest of the world to join together and lean on China to change their ways. No currency manipulation. No prison labor. No copyright infringement. No patent infringement. No trademark infringement. They've been cheating for too long. That was tolerable when they were a poor starving country. Now that is just theft.
        super390
        • 3 Years Ago
        @Spec
        America already relies on prison labor: http://www.thenation.com/article/162478/hidden-history-alec-and-prison-labor Since China wants better taxpayers, it's moving its people into better jobs. Google any advanced research on batteries, and you see papers written largely by Chinese scientists, with Mainland spellings. Since Wall Street wants better short term profits, it's been moving us into worse jobs, but then lending us money to keep buying the same amount of stuff. This leads to overproduction crises and crashes. In fact, China has been propping us up for years by buying dollars to prevent our collapse, just as Japan and Saudi Arabia have. THAT'S the currency manipulation that's really going on. So is it cheating when the main thing China did was let corporate America rape it for future considerations, like getting hooked on Chinese lending, when previously Yankees got rich raping Latin America for nothing worthwhile at all? The Chinese figured out what our owners wanted, and gave them a better short-term deal, then reinvested the profits in their own people and factories instead of putting them in Swiss bank accounts like our Latin cronies or in Manhattan real estate like the Arabs. And of course, China only followed in the US-approved footsteps of Japan, Taiwan (the former capital of illegal book copying), and South Korea, which also reinvested their dirty profits and moved their taxpayers up the wage scale. So we practically handed them the recipe. Hell, America's first modern industry began when a British invention, the spinning jenny, was illegally (it was so valuable as to be a state secret) brought to New England to set off its textiles boom. We protected our own industries with heavy tariffs.
          super390
          • 3 Years Ago
          @super390
          Marcopolo, That was also true of all the military dictatorships we supported during the Cold War in the name of democracy, though many would also just shoot people. So we're better than the Chinese because we paid foreigners to torture and oppress their people to generate the surplus profits our freedom depends on (renditions are still happening), while the Chinese do it to themselves to generate the surplus profits that are turning them into the world's only solvent Great Power state. Or do you think that prison labor state that the rich are paying ALEC to legislate will not eventually be used to profitably remove dissenters like myself from our streets?
          Marco Polo
          • 3 Years Ago
          @super390
          You do realise, that if as a citizen of Peoples Republic of China, you wrote such sentiments about the PRC, you would be lucky to escape with 25 years in a brutal 're-education camp' ? , (Just a thought to consider)