Shares of Volta Inc. plunged to all-time lows after the electric-vehicle charging firm introduced the abrupt departures of two of its prime executives, each of them founders of the agency.
The resignations of CEO Scott Mercer and President Chris Wendel got here every week after the San Francisco-based agency postponed reporting its newest quarterly earnings, though it was unclear if there was any connection between the occasions.
Mercer will proceed within the CEO position for a transition interval as the corporate’s board searches for a alternative.
Volta shares fell as a lot as 20 p.c Monday in U.S. buying and selling, its greatest drop in almost six months. The shares had been down 19 p.c to $3.35 as of 12:22 p.m. EDT in New York. The corporate deploys charging stations geared up with massive video shows for promoting in retailer parking tons. Volta went public seven months in the past via a merger with a particular objective acquisition firm.
“With Volta’s itemizing as a public firm final August, the board and founders mutually decided that now could be the correct time to establish new management with expertise in managing public corporations to serve the very best pursuits of shareholders and unlock the corporate’s full worth potential,” newly appointed Co-Chair Vince Cubbage mentioned in Volta’s Monday assertion asserting the management modifications.
Volta mentioned it’s “dedicated” to preserving the CEO and board chair roles separate going ahead, and likewise named Kathy Savitt as co-chair of the board.