Evolv Technology Announces Leadership Change
Evolv Technology (NASDAQ: EVLV) announced immediate leadership changes as the Board terminated CEO Peter George without cause on October 30, 2024. Michael Ellenbogen, Co-Founder and Chief Innovation Officer, has been appointed Interim President and CEO. This change follows months of Board planning, including the formation of a succession planning committee in May 2024. The Board emphasized the need for improved company culture while maintaining strong business fundamentals. An ongoing internal investigation into sales practices and financial reporting continues, though the leadership change decision predates these concerns.
Evolv Technology (NASDAQ: EVLV) ha annunciato cambiamenti immediati nella leadership, poiché il Consiglio di Amministrazione ha destituito il CEO Peter George senza giusta causa il 30 ottobre 2024. Michael Ellenbogen, cofondatore e Chief Innovation Officer, è stato nominato Presidente e CEO ad interim. Questo cambiamento segue mesi di pianificazione da parte del Consiglio, inclusa la formazione di un comitato per la pianificazione della successione a maggio 2024. Il Consiglio ha sottolineato la necessità di migliorare la cultura aziendale mantenendo al contempo solidi fondamentali commerciali. Un'indagine interna in corso sulle pratiche di vendita e la rendicontazione finanziaria continua, sebbene la decisione sul cambio di leadership sia precedente a queste preoccupazioni.
Evolv Technology (NASDAQ: EVLV) anunció cambios inmediatos en la dirección, ya que la Junta destituyó al CEO Peter George sin causa el 30 de octubre de 2024. Michael Ellenbogen, cofundador y Director de Innovación, ha sido nombrado Presidente y CEO interino. Este cambio sigue a meses de planificación por parte de la Junta, incluida la formación de un comité de planificación de sucesión en mayo de 2024. La Junta enfatizó la necesidad de mejorar la cultura de la empresa mientras se mantienen sólidos fundamentos comerciales. Una investigación interna en curso sobre prácticas de ventas e informes financieros continúa, aunque la decisión de cambio de liderazgo es anterior a estas preocupaciones.
Evolv Technology (NASDAQ: EVLV)는 2024년 10월 30일 이사회가 CEO Peter George를 특별한 사유 없이 해임하면서 즉각적인 리더십 변화를 발표했습니다. Michael Ellenbogen, 공동 창립자 및 Chief Innovation Officer가 임시 사장 겸 CEO로 임명되었습니다. 이 변화는 2024년 5월 후계 계획 위원회 구성 등 이사회의 몇 달 간의 계획 후에 이뤄졌습니다. 이사회는 강력한 비즈니스 기본 요소를 유지하면서 기업 문화를 개선할 필요성을 강조했습니다. 세일즈 관행 및 재무 보고에 대한 내부 조사는 현재 진행 중이지만, 리더십 변화 결정은 이러한 우려 이전에 이루어졌습니다.
Evolv Technology (NASDAQ: EVLV) a annoncé des changements immédiats dans la direction, car le conseil d'administration a destitué le PDG Peter George sans motif le 30 octobre 2024. Michael Ellenbogen, co-fondateur et directeur de l'innovation, a été nommé président et PDG par intérim. Ce changement fait suite à des mois de planification du conseil d'administration, y compris la formation d'un comité de planification de succession en mai 2024. Le conseil a souligné la nécessité d'améliorer la culture d'entreprise tout en maintenant des fondamentaux commerciaux solides. Une enquête interne en cours sur les pratiques de vente et la comptabilité financière se poursuit, bien que la décision de changement de direction précède ces préoccupations.
Evolv Technology (NASDAQ: EVLV) gab bekannt, dass es unmittelbare Veränderungen in der Führung gibt, da der Vorstand am 30. Oktober 2024 den CEO Peter George ohne Angabe von Gründen abberufen hat. Michael Ellenbogen, Mitbegründer und Chief Innovation Officer, wurde zum interimistischen Präsidenten und CEO ernannt. Diese Änderung folgt auf monatelange Planungen des Vorstands, einschließlich der Bildung eines Nachfolgeplanungsausschusses im Mai 2024. Der Vorstand betonte die Notwendigkeit, die Unternehmenskultur zu verbessern und gleichzeitig starke Geschäftsprinzipien aufrechtzuerhalten. Eine laufende interne Untersuchung zu Verkaufspraktiken und Finanzberichterstattung dauert an, obwohl die Entscheidung zur Führungsänderung vor diesen Bedenken gefasst wurde.
- Appointment of experienced co-founder as interim CEO with 7 years previous CEO experience
- Planned and structured leadership transition with succession committee in place
- Board confirms strong business fundamentals
- Abrupt CEO termination signals potential internal issues
- Ongoing internal investigation into sales practices and financial reporting
- Acknowledged need to regain investor trust and confidence
- Concerns about company culture requiring improvement
Michael Ellenbogen, Co-Founder, Chief Innovation Officer and Board Member, Named Interim President and CEO
Board Continues Ongoing Search for New CEO
The Board has appointed Michael Ellenbogen, Evolv’s Chief Innovation Officer and a member of the Board, as Interim President and Chief Executive Officer. Mr. Ellenbogen is a seasoned security technology industry veteran who has been a critical part of Evolv’s leadership team since he co-founded the Company in 2013. Prior to assuming his current role as Chief Innovation Officer in 2021, Mike served as the Company’s CEO for approximately seven years. Mr. Ellenbogen will serve in this interim role until a successor to Mr. George is appointed.
Today’s announcement follows months of careful planning and deliberation by the Board. In May 2024, the Board formed a succession planning committee (the “committee”) of independent directors of the Board to evaluate leadership performance and effectiveness and plan for an orderly CEO transition. With the assistance of a nationally recognized executive search firm, the committee has been actively recruiting and interviewing CEO candidates. Following yesterday’s decision, the committee will continue these efforts, and the Board intends to announce a new CEO expeditiously.
The Board commented:
“We appreciate Peter’s years of dedication to our Company and his significant contributions to the Company’s mission. We wish him well in his future endeavors. That said, we have determined that a change in leadership is needed to improve the Company’s culture as we prepare for the next phase of growth.
We continue to believe that the fundamentals of our business remain strong. But we are also convinced that the Company can do even better.
The Board and leadership team are committed to ensuring a smooth transition, and we are grateful that we’ll be able to benefit from Mike’s experience and perspective at this time. The Board will remain actively engaged with Mike and the rest of the leadership team to ensure the Company remains on the right path.”
Michael Ellenbogen commented, “As a co-founder, I care deeply for this Company and its customers, employees, and shareholders. I look forward to working closely with the Board and our senior leadership team to advance our mission of creating a safer world while also driving the business forward.”
The Board concluded by commenting on the previously announced internal investigation: “The Board has been evaluating leadership and performance for several months – long before we became aware of any potential issues relating to the Company’s sales practices and financial reporting. With respect to that ongoing investigation, the Board remains committed to completing a thorough investigation as expeditiously as possible. Our goal is to ensure the Company’s financial reports are always current and reliable and that our organizational culture reflects our values of integrity and honesty. That is the only way we can regain the trust and confidence of our investors.”
The Company will provide a further update on the internal investigation once it is complete.
About Michael Ellenbogen
Prior to serving as Chief Innovation Officer at Evolv, Michael Ellenbogen co-founded Evolv Technologies, Inc., which became a wholly owned subsidiary of Evolv, with Anil Chitkara in July 2013 and served as its Head of Advanced Technology since January 2020. Mr. Ellenbogen served as Chief Executive Officer of Evolv Technologies, Inc. from August 2013 to January 2020. Mr. Ellenbogen has also served on the Board of Directors of Evolv Technologies Holdings, Inc. since July 2021. Prior to co-founding Evolv Technologies, Inc., Mr. Ellenbogen was the Founder, President and Chief Executive Officer of Reveal Imaging Technologies, an X-ray imaging systems company focusing on automated explosives detection, from 2002 to 2010. Prior to joining Reveal, Mr. Ellenbogen was the Vice President of Research & Development and Business Development of PerkinElmer Detection Systems, a provider of X-ray-based security technologies, from 1994 to 2002. During his 25-plus year career in the security industry, Mr. Ellenbogen has proven his expertise in product and business development, as well as stakeholder value creation. In addition, Mr. Ellenbogen is an inventor with over 20 awarded patents. Mr. Ellenbogen received a Bachelor of Arts degree in Physics from Colgate University.
About Evolv Technology
Evolv Technology (NASDAQ: EVLV) is designed to transform human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered screening and analytics. Its mission is to transform security to create a safer world to live, work, learn, and play. Evolv has digitally transformed the gateways in many places where people gather by enabling seamless integration combined with powerful analytics and insights. Evolv’s advanced systems have scanned more than a billion people since 2019. Evolv has been awarded the
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including statements made in the quotes, statements regarding the timing of Evolv’s CEO search, our prospects and performance, the timing of the internal investigation, the timing and reliability of our financial reports, and future actions by our Board. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results and actions to be materially different from any future results or actions expressed or implied by the forward-looking statements, including, but not limited to, the factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on February 29, 2024, as any such factors may be updated from time to time in our other filings with the SEC, including the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, as well as risks related to our leadership transition. The forward-looking statements in this press release are based upon information available to us as of the date hereof, and while we believe such information forms a reasonable basis for such statements, it may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031125254/en/
Media:
Alexandra Smith Ozerkis
aozerkis@evolvtechnology.com
Investor:
Brian Norris
bnorris@evolvtechnology.com
Source: Evolv Technology
FAQ
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