Babcock & Wilcox Enterprises Inc. announced Tuesday morning that Senior Vice President and Chief Business Development Officer Elias Gedeon will be terminated from the company effective March 5, according to a filing with the Securities and Exchange Commission.

“The termination comes as the Company’s opportunities in its Power segment continue to shift more toward aftermarket parts and service and retrofit opportunities in the Americas, and away from large international new-build prospects,” the company said in the filing.

Additionally, the company announced than replacing Gedeon, the position of chief business development officer will be terminated altogether.

Upon a mutually acceptable separation agreement, Gedeon will receive a severance package for an undisclosed amount.

Gedeon, 57, has served as B&W’s chief business development officer and senior vice president since May 1, 2014. Prior to that, Gedeon was Alstom’s vice president of global sales and marketing since 2009.

The news of Gedeon’s termination comes just days after the company announced Chief Executive Officer Jim Ferland would be replaced with Leslie Kass, who led its industrial segment since May. Ferland will remain CEO until June 30, 2018.

Ferland led the company through a difficult period in 2017 in which the company unexpectedly announced losses totaling to $141 million, leading to layoffs, restructuring and a shareholder lawsuit alleging fraud and misrepresentation in the company’s financial reporting.

Headquartered in Charlotte, Babcock & Wilcox is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets, as well as a premier advanced technology and mission critical defense contractor.

B&W has locations worldwide and employs approximately 12,000 people, in addition to approximately 10,200 joint venture employees.

Babcock & Wilcox stock was trading at $5.9o Tuesday afternoon, down 2.48 percent.