American Superconductor Corp., which makes equipment for power generators and utilities, said Tuesday it has promoted Daniel P. McGahn to president and chief operating officer in a newly created position.

McGahn, 38, joined the company in 2006 as a vice president. He will continue to report to founder and CEO Greg Yurek.

Shares rose 70 cents to $39.79 in midday trading.

(This version CORRECTS McGahn's new title.)