Exro Announces Executive Chairman Stepping Down and Appointment of Interim Chairman Rod Copes

Rhea-AI Summary

Exro Technologies has announced that Mark Godsy will step down as Executive Chairman effective March 31, 2023. Rod Copes, a current Board Director, has been appointed as Interim Chairman. This leadership transition aligns with Exro’s plans to advance into series production by Q3 2023 and prepare for a potential Nasdaq listing. Copes brings extensive experience from automotive manufacturing, crucial for Exro's growth. Godsy expressed gratitude for his time with Exro and confidence in the company's future under new leadership. This move is seen as a strategic step to enhance operational capabilities as Exro prepares to launch its Coil Driver™ and Cell Driver™ technologies.

Positive

• Mark Godsy's departure allows fresh leadership perspectives.
• Rod Copes has significant experience in automotive manufacturing and Nasdaq listings.
• The transition supports Exro's upcoming series production and Nasdaq listing intentions.

Negative

• Concerns may arise regarding continuity in leadership experience.
• Potential impact on investor confidence during the leadership transition.

• Executive Chairman Mark Godsy has announced stepping down as Chairman, effective March 31, 2023
• Director Rod Copes has been appointed to the position of Interim Chair
• The transition aligns with Exro's evolution into series production in Q3 of this year and positioning for a Nasdaq listing
• Copes' decades of unique experience in scaling automotive manufacturing operations in the US will serve as a tremendous asset for Exro's upcoming stages of growth

CALGARY, AB, April 6, 2023 /PRNewswire/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading clean technology company that has developed new generation power control electronics that expand the capabilities of electric motors and batteries, today announced that Mark Godsy, long-time Chairman of its Board of Directors (the "Board"), has decided to step down, effective March 31, 2023. This transition aligns with Exro's evolution into series production in Q3 of this year and ongoing leadership enhancement as the Company prepares for a Nasdaq listing. In conjunction with Mr. Godsy's decision, the Board has elected Director Rod Copes to the position of Interim Chairman. Copes' career of operational and commercial excellence will provide Exro with the guidance needed for its upcoming stages of growth.

"Exro has been very fortunate to have Mark as part of our leadership team", said CEO Sue Ozdemir. "Mark's entrepreneurial insights have helped to guide the business and establish a framework that sees a thoughtful leadership transition at the right time in the Company's development. On behalf of the Board and all our employees, we want to thank him for his years of dedicated service to the Board of Directors and the Company and wish him well in his other endeavours."

"Serving Exro as Board Chairman has been the honour, as well as the experience of a lifetime", said Godsy. "A special thanks to Exro's employees and my fellow Board members, past and present, for the meaningful collaboration and shared commitment to the Company's success. Having also served previously as CEO, I decided this is the perfect moment to make way for a new chair of the board as the company continues to thrive. I am excited for the future of Exro, as it is well-positioned with the support of evolving leadership to execute and launch innovative technologies that support the critically important transition to a sustainable electrified world". 

A serial technology entrepreneur involved in many successful ventures, Godsy will redeploy his time and efforts to advancing two early-stage companies for which he is founder, CEO and Chairman: wireless earbud and wearables technology company Naqi Logix, and neurological disease medicine developer Shackelford Pharma Inc.

"We are also very pleased to announce the appointment of Rod Copes as Interim Chairman of the Board", said CEO Sue Ozdemir. "Rod's decades of unique experience in scaling manufacturing operations at both Rivian and Harley-Davidson in the US, as well as listing on the Nasdaq exchange, serve as tremendous assets to Exro. On behalf of everyone at Exro and the Board, we welcome Rod to his new position and look forward to working with him to continue our efforts to build significant value for our shareholders." 

Rod Copes, Interim Chairman added: "I am delighted to expand my role at Exro after working closely with Sue and the rest of the team since I joined the Board. With completion of phase one of its world-class manufacturing facility, and innovative engineering and services centers, Exro is positioning itself as a technology leader delivering much-needed critical solutions to energy transition industries. I am looking forward to this exciting next phase at Exro." 

Copes joined the Board of Exro in May 2022 following his retirement as Chief Operating Officer ("COO") at Rivian. Since joining Exro, Copes has been working closely with management as the Company prepares to launch series production of its Coil Driver^™ technology for automotive, and Cell Driver^™ technology for commercial & industrial energy storage, in Q3 2023. At Rivian, Copes was the company's first COO and was integral in operationalizing the company, helping lead the transition from a technology-focused company to a fully capable manufacturing and commercial company. Copes contributed to the successful launch of the three electric vehicles and initial production ramp. A key member of the c-suite, in 2021 Copes also supported Rivian's efforts to complete one of the largest Nasdaq IPOs in history. Prior to Rivian, Copes held several executive roles over his 19-year career at Harley Davidson Motorcycle Company, including leading multiple manufacturing plants and responsibility for global sales and customer service.

ABOUT EXRO TECHNOLOGIES INC.

Exro Technologies Inc. is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company's innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil Driver^™) and stationary energy storage (Cell Driver^™), and act to accelerate adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results. 

For more information visit our website at www.exro.com.

To view our Corporate Presentation visit us at www.exro.com/investors

Visit us on social media @exrotech.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's annual information form for the financial year ended December 31, 2022, and financial statements and related MD&A for the financial year ended December 31, 2022, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.

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SOURCE Exro Technologies Inc.

FAQ

Who has stepped down as the Executive Chairman of Exro Technologies?

Mark Godsy has announced his resignation as Executive Chairman, effective March 31, 2023.

Who will serve as the Interim Chairman of Exro Technologies?

Rod Copes has been appointed as the Interim Chairman of the Board.

Why is Mark Godsy stepping down as Chairman of Exro?

Godsy is stepping down to make way for new leadership as Exro prepares for series production and a Nasdaq listing.

What experience does Rod Copes bring to Exro Technologies?

Rod Copes has decades of experience in scaling automotive manufacturing and has played a key role in Nasdaq listings.

What does Exro Technologies aim to achieve in Q3 2023?

Exro aims to enter series production of its Coil Driver™ and Cell Driver™ technologies in Q3 2023.