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Shares of Volta Inc. plunged to all-time lows after the electric vehicle charging company announced the abrupt departures of two of its top executives, both of them founders of the firm.
The resignations of CEO Scott Mercer and President Chris Wendel came a week after the San Francisco-based firm postponed reporting its latest quarterly earnings, although it was unclear if there was any connection between the events. Mercer will continue in the CEO role for a transition period as the company’s board searches for a replacement.
Volta fell as much as 20% March 28 in U.S. trading, its biggest drop in nearly six months. The company deploys charging stations equipped with large video displays for advertising in store parking lots. Volta went public seven months ago through a merger with a special purpose acquisition company.
“With Volta’s listing as a public company last August, the board and founders mutually determined that now is the right time to identify new leadership with experience in managing public companies to serve the best interests of shareholders and unlock the company’s full value potential,” newly appointed Co-Chair Vince Cubbage said in Volta’s March 28 statement announcing the leadership changes.
Volta said it’s “committed” to keeping the CEO and board chair roles separate going forward, and also named Kathy Savitt as co-chair of the board.
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