Ultracapacitor maker Maxwell Technologies (NASDAQ: MXWL) has a new capo this morning.

The company announced today that CEO Richard D. Balanson is moving to become a part-employee and function as a senior technical advisor.

In today's announcement, Balanson gave the ol' "we're at an inflection point" statement, followed up with the venerable "it's now time for someone else to guide the company through the next phase of its growth and development."

Balanson had been at the post since 1999.

The company is trading at $14.55 this morning, down significantly from $22.21 a year ago.