Energy Recovery Announces CFO Transition

Rhea-AI Summary

Energy Recovery, Inc. (ERII) announces the resignation of Joshua Ballard as Chief Financial Officer by June 2024. A search for a new CFO is ongoing with Korn Ferry. Ballard's departure follows years of revenue and profit growth, strengthening the company's financial position. CEO David Moon expresses gratitude for Ballard's leadership and anticipates a smooth transition.

SAN LEANDRO, Calif.--(BUSINESS WIRE)-- Energy Recovery, Inc. (Nasdaq: ERII), a trusted global leader in energy efficiency technology, today announced Joshua Ballard has made the decision to step down from his position as Chief Financial Officer at the end of June 2024. A search to identify Energy Recovery’s next CFO is underway with the executive search firm Korn Ferry.

“I want to thank Josh for his tremendous leadership and contributions to the success of Energy Recovery. He is leaving a stronger organization both operationally and financially than he found it. Josh has agreed to help us through an orderly transition in the coming months as we work hand in hand to identify his replacement before June 30^th, which will ensure we continue to grow and build on our financial strength,” said David Moon, President and Chief Executive Officer of Energy Recovery.

Mr. Ballard joined Energy Recovery in 2018 and has helped steer the company to multiple years of consecutive revenue and profit growth, as well as a strong cash position, important assets as Energy Recovery continues to diversify beyond its core desalination business.

“I have greatly enjoyed my nearly six years at Energy Recovery with this incredible team and I am proud of the progress we have made since I arrived. My departure is a decision I came to some time ago, as it is simply time for me to move on to new challenges. I have been very supportive of David as our permanent CEO, and I believe he is the right choice at this phase of the company’s expansion. I have no doubt Energy Recovery has a bright future ahead. I look forward to working closely with David and the team to ensure a seamless transition,” said Mr. Ballard.

About Energy Recovery

Energy Recovery (Nasdaq: ERII) is a trusted global leader in energy efficiency technology. Building on our pressure exchanger technology platform, we design and manufacture reliable, high-performance solutions that generate cost savings and increase energy efficiency across several industries. With a strong foundation in the desalination industry, Energy Recovery has delivered transformative solutions that increase operational efficiency and deliver positive environmental impact to our customers worldwide for more than 30 years. Headquartered in the San Francisco Bay Area, Energy Recovery has manufacturing, research, and development facilities across California and Texas with sales and on-site technical support available globally.

Forward Looking Statements

Certain matters discussed in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on information currently available to us and on management’s beliefs, assumptions, estimates, or projections and are not guarantees of future events or results. Potential risks and uncertainties and any other factors that may have been discussed herein regarding the risks and uncertainties of the Company’s business, and the risks discussed under “Risk Factors” in the Company’s Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) for the year ended December 31, 2023, as well as other reports filed by the Company with the SEC from time to time. Because such forward-looking statements involve risks and uncertainties, the Company’s actual results may differ materially from the predictions in these forward-looking statements. All forward-looking statements are made as of today, and the Company assumes no obligation to update such statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240221840093/en/

Press Inquiries

pr@energyrecovery.com

Investor Inquiries

ir@energyrecovery.com

Source: Energy Recovery, Inc.

FAQ

When will Joshua Ballard step down as CFO of Energy Recovery, Inc.?

Joshua Ballard will step down as Chief Financial Officer at the end of June 2024.

Who is assisting in the search for Energy Recovery's next CFO?

The executive search firm Korn Ferry is assisting in the search for Energy Recovery's next CFO.

How long has Joshua Ballard been with Energy Recovery, Inc.?

Joshua Ballard joined Energy Recovery in 2018 and will be leaving after nearly six years.

What are some achievements of Joshua Ballard during his tenure at Energy Recovery?

Ballard has helped steer the company to multiple years of consecutive revenue and profit growth, as well as a strong cash position.

Who is the President and CEO of Energy Recovery, Inc.?

David Moon is the President and Chief Executive Officer of Energy Recovery.

What does David Moon say about Joshua Ballard's departure?

David Moon expresses gratitude for Ballard's leadership and contributions to the success of Energy Recovery, stating that Ballard is leaving a stronger organization both operationally and financially than he found it.

What does Joshua Ballard say about his departure from Energy Recovery?

Joshua Ballard mentions that his departure is a decision he made some time ago to move on to new challenges, expressing support for David Moon as the permanent CEO and believing in Energy Recovery's bright future.

How will the transition for a new CFO at Energy Recovery be managed?

Joshua Ballard has agreed to help with an orderly transition in the coming months to identify his replacement before June 30th, ensuring a seamless process.

What is Energy Recovery, Inc.'s ticker symbol?

Energy Recovery, Inc.'s ticker symbol is ERII.