Flux Power Announces Planned Retirement of Chairman & Chief Executive Officer Ron Dutt
Flux Power Holdings (NASDAQ: FLUX) announced that Chairman and CEO Ron Dutt plans to retire after 12 years of service. The Board of Directors has initiated a comprehensive succession plan with a national search firm to identify the next CEO. Dutt will remain in his roles until a successor is appointed and through the transition period.
Under Dutt's leadership, Flux Power evolved from a pre-revenue startup to a recognized provider of lithium-ion energy storage solutions for motive lift and ground support equipment markets. The company notably developed the market-penetrating lithium-ion battery pack for high-volume 'walkie' pallet jacks.
Flux Power Holdings (NASDAQ: FLUX) ha annunciato che il Presidente e CEO Ron Dutt prevede di andare in pensione dopo 12 anni di servizio. Il Consiglio di Amministrazione ha avviato un piano di successione completo con una società di ricerca nazionale per identificare il prossimo CEO. Dutt rimarrà nelle sue posizioni fino alla nomina di un successore e durante il periodo di transizione.
Sotto la leadership di Dutt, Flux Power è evoluta da una startup senza entrate a un fornitore riconosciuto di soluzioni di stoccaggio dell'energia al litio-ionico per i mercati delle attrezzature per sollevamento e supporto a terra. L'azienda ha sviluppato in particolare il pacco batteria al litio-ionico penetrante nel mercato per caricabatterie 'walkie' ad alta capacità.
Flux Power Holdings (NASDAQ: FLUX) anunció que el Presidente y CEo Ron Dutt planea jubilarse después de 12 años de servicio. La Junta Directiva ha iniciado un plan de sucesión integral con una firma de búsqueda nacional para identificar al próximo CEo. Dutt permanecerá en sus funciones hasta que se designe un sucesor y durante el período de transición.
Bajo la dirección de Dutt, Flux Power evolucionó de una startup sin ingresos a un proveedor reconocido de soluciones de almacenamiento de energía de iones de litio para los mercados de equipos de elevación motriz y apoyo en tierra. La compañía desarrolló notablemente el paquete de batería de iones de litio que ha penetrado en el mercado para los transpalets 'walkie' de alta demanda.
플럭스 파워 홀딩스 (NASDAQ: FLUX)는 의장 겸 CEO인 론 더트가 12년의 근무를 마치고 은퇴할 계획이라고 발표했습니다. 이사회는 다음 CEO를 찾기 위해 국가적인 검색 회사와 협력하여 포괄적인 승계 계획을 시작했습니다. 더트는 후임자가 임명될 때까지 및 전환 기간 동안 현재의 역할을 유지할 것입니다.
더트의 리더십 아래, 플럭스 파워는 수익이 없는 스타트업에서 리튬 이온 에너지 저장 솔루션의 인정받는 공급자로 발전했습니다. 이 회사는 특히 고용량 '워크키' 팔레트 잭을 위한 시장 침투형 리튬 이온 배터리 팩을 개발했습니다.
Flux Power Holdings (NASDAQ: FLUX) a annoncé que le Président-directeur général Ron Dutt prévoyait de prendre sa retraite après 12 ans de service. Le Conseil d'administration a lancé un plan de succession complet avec une société de recherche nationale pour identifier le prochain PDG. Dutt restera dans ses fonctions jusqu'à la nomination d'un successeur et pendant la période de transition.
Sous la direction de Dutt, Flux Power a évolué d'une start-up sans revenus à un fournisseur reconnu de solutions de stockage d'énergie au lithium-ion pour les marchés des équipements de levage motorisés et de support au sol. L'entreprise a notamment développé le pack de batteries au lithium-ion qui a percé le marché pour les transpalettes 'walkie' à fort volume.
Flux Power Holdings (NASDAQ: FLUX) gab bekannt, dass der Vorsitzende und CEO Ron Dutt nach 12 Jahren Dienstzeit in den Ruhestand gehen möchte. Der Vorstand hat einen umfassenden Nachfolgeplan mit einer nationalen Suchfirma initiiert, um den nächsten CEO zu identifizieren. Dutt wird bis zur Ernennung eines Nachfolgers und während der Übergangszeit in seinen Funktionen bleiben.
Unter Dutt's Führung entwickelte sich Flux Power von einem Pre-Revenue-Startup zu einem anerkannten Anbieter von Lithium-Ionen-Energiespeicherlösungen für die Märkte für Antriebsgabelstapler und Bodenunterstützungsausrüstung. Das Unternehmen entwickelte insbesondere das marktdurchdringende Lithium-Ionen-Batteriepaket für hochvolumige 'Walkie'-Palettenhubwagen.
- Company has successfully transformed from pre-revenue startup to established market provider
- Planned orderly CEO transition with incumbent remaining during search process
- Successfully developed and commercialized key product (lithium-ion battery pack)
- None.
Insights
This CEO transition at Flux Power marks a significant leadership change for the
The timing aligns with Flux Power's evolution from development stage to commercialization, potentially signaling the board's strategy to bring in leadership with scaled operations expertise. While leadership changes can create uncertainty, the methodical transition process and retention of institutional knowledge through Dutt's involvement mitigates immediate business risks.
Mr. Dutt to Retire Upon Appointment of Successor, and Remain with the Company through the Search and Transition Period
Mr. Dutt commented, “It has been my honor to serve as Flux’s Chairman and CEO over the last 12 years, and I'm extremely proud of the team's many accomplishments. From our early days as a pre-revenue start-up and developing the market-penetrating “lithium-ion battery pack” for the high volume ‘walkie’ pallet jack, to becoming a thriving business and recognized provider of innovative energy solutions for the motive lift and ground support equipment markets, it has been a privilege to be a part of this company. I am grateful to the entire Flux team for what we were able to achieve together, and I look forward to supporting my successor through a successful transition.”
“On behalf of the Board, management team, and employees, I want to thank Ron for his exceptional leadership and continued dedication to Flux Power,” said Director Michael Johnson. “Since joining as a Director at the company’s incorporation, I have seen Ron’s commitment to fostering a culture of mutual respect and integrity that has been foundational to the company’s success. His vision and dedication have been pivotal in the formation, development, and sustained growth of Flux Power. The Board of Directors and the entire Flux team appreciate his outstanding leadership and the lasting impact he has made on the organization. Looking ahead, we are committed to identifying the best candidate to continue our mission and build upon our strong foundation, and we look forward to working with Ron to ensure a smooth transition.”
About Flux Power Holdings, Inc.
Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other securities law. Forward-looking statements are statements that are not historical facts. Words and phrases such as “anticipated,” “forward,” “will,” “would,” “could,” “may,” “intend,” “remain,” “potential,” “prepare,” “expected,” “believe,” “plan,” “seek,” “continue,” “estimate,” “and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements with respect to: the expected adjustments to the Company’s financial statements, including the estimated amount and impact of adjustments on the Company’s financial statements, expectations with respect to the Company’s internal control over financial reporting and disclosure controls and procedures and related remediation, the potential for additional adjustments to the Company’s financial statements and additional restatements, the Company’s ability to access its revolving credit facility, expected filing of its Form 10-K, and effect and impact on Company’s business and credit facility. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Such risks and uncertainties include, but are not limited to, the completion of the review and preparation of the Company’s financial statements and internal control over financial reporting and disclosure controls and procedures and the timing thereof; the discovery of additional information resulting to additional adjustments; delays in the Company’s financial reporting, including as a result of unanticipated factors; the Company’s ability to obtain necessary waivers or amendments to its credit facility in the future; the risk that the Company may become subject to stockholder lawsuits or claims; the Company’s ability to remediate material weaknesses in its internal control over financial reporting; risks inherent in estimates or judgments relating to the Company’s critical accounting policies, or any of the Company’s estimates or projections, which may prove to be inaccurate; unanticipated factors in addition to the foregoing that may impact the Company’s financial and business projections and guidance and may cause the Company’s actual results and outcomes to materially differ from its estimates, projections and guidance; and those risks and uncertainties identified in the “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended June 30, 2023, and its other subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.
Follow us at:
Blog: Flux Power Blog
News Flux Power News
Twitter: @FLUXpwr
LinkedIn: Flux Power
View source version on businesswire.com: https://www.businesswire.com/news/home/20241121700521/en/
Media & Investor Relations:
media@fluxpower.com
info@fluxpower.com
External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
FLUX@mzgroup.us
www.mzgroup.us
Source: Flux Power Holdings, Inc.
FAQ
When is Flux Power (FLUX) CEO Ron Dutt retiring?
How long has Ron Dutt served as CEO of Flux Power (FLUX)?
What is Flux Power's (FLUX) main product development under Ron Dutt's leadership?
