- Craig Denson appointed Interim Chief Executive Officer; draws
on seasoned internal talent to propel long-term strategic vision
and guide Company through leadership transition
- Company Founder, Andrew Fox resigns as Chief Executive Officer;
stays on as board member
- Company announces new fundamental objectives, including
development of strategic plan
Charge Enterprises, Inc. (Nasdaq: CRGE) (“Charge” or the
“Company”), today announced that the Board of Directors of the
Company (the “Board”) has appointed Craig Denson, Charge’s current
Chief Operating and Compliance Officer, as Interim Chief Executive
Officer, effective August 31, 2023. This appointment follows Andrew
Fox’s decision, made with the Board’s agreement, to resign from his
role as CEO and Chairman of the Board. In conjunction with this
strategic decision, Amy Hanson, current Chair of the Audit
Committee and Lead Independent Director, will assume the
responsibilities of Chairperson. Mr. Fox will continue to serve as
a director on the Board and will also serve as a strategic advisor
to the Board, drawing upon his history with the Company and
experience in the industry.
“On behalf of the entire Board, we extend our gratitude to Mr.
Fox for his pivotal role in setting the groundwork that forms the
foundation of our Company. We look forward to continuing to benefit
from his entrepreneurial vision and passion in the electric vehicle
charging infrastructure space,” said Amy Hanson.
“Leading Charge Enterprises has been a privilege, and I am proud
of everything we have built. The Company’s forward momentum is
paramount to me, and I believe Craig, given his operational and
public company management experience, is exactly the type of
executive to lead Charge during this interim period as we look to
capitalize on the tremendous opportunities that lie ahead,” said
Andrew Fox.
Mr. Denson has cultivated an impressive 35-year career
predominantly within the technology and telecommunications sectors.
He has assumed diverse leadership roles at a range of global
companies, including serving as Chief Operating Officer and as a
board member at Charge. During his tenure with Charge, he has also
held the roles of Chief Compliance Officer, Interim Chief Financial
Officer, and Secretary. Prior to its acquisition by Charge
Enterprise, Mr. Denson served as the President and CEO of PTGi
International Carrier Services, Inc. Previously, he served as
President and COO of Sigma Software Solutions, Vice President and
General Manager of ACS Canada and held various roles with
PepsiCo.
“I am honored by the Board’s trust in me during this critical
time for Charge. We believe there are significant opportunities for
Charge within the energy and broadband infrastructure industries.
Our recent acquisition of Greenspeed furthers our goal of competing
on a national scale within EV charging infrastructure and provides
Charge with a geographic footprint and capabilities within a
variety of customer and product verticals, such as monitoring and
maintenance, and solar and energy storage. With a firm commitment
to improved financial performance, we reaffirm our expectation of
positive adjusted EBITDA in the first quarter of 2024. Our focus on
expanding revenue streams underscores our dedication to
diversification, growth, and innovation to increase shareholder
value,” said Craig Denson. “Against a backdrop of industry-wide
challenges and opportunities, the entire management team is
dedicated to aligning on and sharing a coordinated, cross-business
strategic plan, ensuring transparency, and driving
accountability.”
Alongside this leadership transition, Charge is also committing
to three fundamental objectives to steer the Company’s future
growth and set the foundation to deliver shareholder value through
profitability along with the growth of Charge’s monthly recurring
revenue base of business:
- Comprehensive Strategic Plan: The assessment and
development of our plan will include a thorough evaluation of our
business segments, competitive analysis of the external
environment, alignment of our organic growth and M&A strategy,
and effective allocation of capital. As part of this plan,
management and the Board will evaluate our talent, succession
planning, and corporate governance, making the appropriate
enhancements and implementing a framework for accountability.
- Robust Communication Framework: We are resolute in our
commitment to instituting a robust framework for external
communication, fostering transparency and disseminating updates on
our progress towards strategic milestones.
- Synergistic Subsidiary Integration: In conjunction with
the recent acquisition of Greenspeed, we will deploy initiatives
that are geared towards integrating our products and services
across our Infrastructure operating subsidiaries while driving cost
synergies across the organization. This strategic objective is
aimed at nurturing cross-functional collaboration and facilitating
full utilization of our existing internal capabilities, propelling
us towards scalability and profitability.
About Charge Enterprises, Inc.
Charge Enterprises, Inc. is an electrical, broadband and EV
charging infrastructure company that provides clients with
end-to-end project management services. We operate in two segments:
Infrastructure, which has a primary focus on EV charging, broadband
and wireless, and electrical contracting services; and
Telecommunications, which provides connection of voice calls, Short
Message Services (SMS) and data to global carriers. Our vision is
to be a leader in enabling the next wave of transportation and
connectivity. By building, designing, and operating seamless
infrastructure for electric vehicles, we aim to create a future
where transportation is clean, efficient, and connected and to
empower individuals, communities, and businesses to thrive in a
more sustainable world. Our plan is to cultivate repeat customers
and recurring revenues by deploying a multi-phased strategy,
initially where investment in the EV charging revolution is taking
place, the nation’s approximately 18,000 franchised auto dealers.
To learn more about Charge, visit Charge Enterprises, Inc.
Notice Regarding Forward-Looking Information
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements reflect
current expectations or beliefs regarding future events or Charge's
future performance. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
“potential”, "continues", "forecasts", "projects", "predicts",
"intends", "anticipates", "targets" or "believes", or variations
of, or the negatives of, such words and phrases or state that
certain actions, events or results "may", "could", "would",
"should", "might" or "will" be taken, occur or be achieved. All
forward-looking statements, including those herein, are qualified
by this cautionary statement. Although Charge believes that the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements involve risks and
uncertainties, and actual results may differ materially from any
future results expressed or implied by such forward-looking
statements. Such risks and uncertainties include the ability to
achieve the expected benefits of the Greenspeed acquisition,
including the risks that the Company’s synergy estimates are
inaccurate or that the Company faces higher than anticipated
integration or other costs in connection with the acquisition, the
business plans and strategies of Charge, Charge’s ability to
satisfy its debt payment obligations or extend the maturity or
refinance outstanding debt at or prior to maturity, Charge's future
business development, market acceptance of electric vehicles, the
success of Charge’s retail dealership initiative and the size,
scope and success of the related initial installation projects,
Charge's ability to generate profits and positive cash flow,
changes in government regulations and government incentives,
subsidies, or other favorable government policies, rising interest
rates and the impact on investments by our customers, and other
risks discussed in Charge's filings with the U.S. Securities and
Exchange Commission ("SEC"). Readers are cautioned that the
foregoing list of risks and uncertainties is not exhaustive of the
factors that may affect forward-looking statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. The forward-looking statements in this press release
speak only as of the date of this press release or as of the date
or dates specified in such statements. For more information on us,
investors are encouraged to review our public filings with the SEC,
including the factors described in the section captioned “Risk
Factors” of Charge’s Annual Report on Form 10-K filed with the SEC
on March 15, 2023, as well as subsequent reports we file from time
to time with the SEC which are available on the SEC's website at
www.sec.gov. Charge disclaims any intention or obligation to update
or revise any forward- looking information, whether as a result of
new information, future events or otherwise, other than as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230829730541/en/
Investors Christine Cannella
(954) 298-6518 ccannella@charge.enterprises
Kevin McGrath (646) 418-7002 kevin@tradigitalir.com
Media Kristopher Conesa
(305) 975-5934 kconesa@csuitepr.com
Charge Enterprises (NASDAQ:CRGE)
過去 株価チャート
から 4 2024 まで 5 2024
Charge Enterprises (NASDAQ:CRGE)
過去 株価チャート
から 5 2023 まで 5 2024