Carmanah CEO stepping down

Art Aylesworth, who has served as CEO of LED and solar device maker Carmanah (TSX: CMH) since 2000, is relinquishing his post.

The Canadian company says Aylesworth will transition to the role of chairman once it finds a new CEO.

Carmanah needs "another set of skills to take the reigns and drive the company to its full potential," Aylesworth said in a statement. "Carmanah has reached a size where very specific business experience on a global scale is required to capitalize on the position we have created."

Aylesworth took leadership of Carmanah when the company was privately held with 12 staff and trailing revenues of 1.3M annually.

He is credited with shifting the company's focus from research and engineering to sales and marketing, took the company public through a reverse takeover and shepherded subsequent rounds of financing.

Carmanah also recently hired a chief operating officer, Philippe Favreau, and expects to announce a new chief financial officer in the coming weeks.

Carmanah is a supplier of renewable and energy-efficient technologies, including solar-powered LED lighting, solar power systems & equipment and LED illuminated signage.

The company is headquartered in Victoria, British Columbia. It employs 270 people, including 190 at head office and a manufacturing facility elsewhere in the province. It booked $62M CDN in revenue in 2006.

Shares of Carmanah were up 5% on the news, rising $.13 to close at $2.48.