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.