Proterra Announces Changes to Executive Team

Rhea-AI Summary

Proterra Inc (NASDAQ: PTRA) has announced significant changes to its executive leadership. Gareth Joyce, previously President of Proterra's Powered and Energy divisions, has been promoted to President of the entire company. He will collaborate with CEO Jack Allen to drive growth strategies. Chief Financial Officer Amy Ard will depart after a transition period, with A.J. Cederoth named Interim CFO. Ard's departure is not due to disagreements over financial reporting. Proterra is actively searching for a permanent CFO while continuing to capitalize on the growing demand for electric vehicles.

Positive

• Promotion of Gareth Joyce to President, expected to enhance growth.
• A.J. Cederoth appointed Interim CFO, bringing over 20 years of public company finance experience.

Negative

• Departure of CFO Amy Ard may create leadership uncertainty during transition.

Gareth Joyce Promoted to President of Proterra

Chief Financial Officer Amy Ard to Transition from Company; A.J. Cederoth Appointed Interim CFO

BURLINGAME, Calif., Sept. 13, 2021 (GLOBE NEWSWIRE) -- Proterra Inc (NASDAQ: PTRA) (“Proterra” or the “Company”), a leading innovator in commercial vehicle electrification technology, today announced changes to the executive team.

Gareth Joyce, who currently serves as President of Proterra’s Powered and Energy business units, has been promoted to President of Proterra, effective today. In his new role, Mr. Joyce will work in coordination with Jack Allen, Proterra’s Chairman and Chief Executive Officer, to execute the Company’s growth strategies across its Proterra Powered, Energy, and Transit businesses.

Mr. Joyce is a proven leader with more than two decades of experience building and running high-performing businesses in the automotive and transportation industries. Since joining Proterra in 2020, he has overseen the Company’s growing business as a leading provider of electric vehicle technology to commercial vehicle manufacturers and charging infrastructure solutions for commercial fleets. Mr. Joyce joined Proterra from Delta Air Lines where he served as Chief Sustainability Officer and President of Cargo and Airport Customer Services. Prior to joining Delta, he held a variety of senior leadership positions with Mercedes-Benz throughout South Africa, Europe, and North America, having served as Vice President of Customer Service for Mercedes-Benz North America and finally as the President and CEO of Mercedes-Benz Canada.

“We are pleased to have a leader with Gareth’s dynamic skillset and proven track record of performance taking on the role of President during this important time for our Company,” said Jack Allen, Proterra’s Chairman and CEO. “Gareth has already played a significant role driving growth across our company as more commercial vehicle manufacturers and fleet operators choose zero-emission commercial electric vehicles that are powered by Proterra. We believe that expanding his responsibilities in this new role will help the Company capitalize on the significant opportunities ahead to advance our mission and drive sustainable, long-term value for all our stakeholders.”

“I am honored to serve as Proterra’s President and play a greater role in our efforts to power the world’s best-performing electric commercial vehicles,” said Gareth Joyce, President of Proterra. “During the past year, we have demonstrated significant momentum across our business, and I believe that our best-in-class technology and commitment to innovation have us well-positioned to meet the growing EV demands of our customers, now and in the future. I look forward to working closely with Jack and my colleagues on our leadership team to execute on our growth plans and deliver strong results for our stakeholders at a time when clean energy solutions have never been more critical to our future.”

Proterra also announced that Chief Financial Officer Amy Ard will depart the Company following a transition period. After more than four years with Proterra, during which time the Company grew revenue and improved gross margin, raised more than $1 billion in capital, and completed a successful public listing, Ms. Ard has decided to leave. The Company noted that Ms. Ard’s departure is not the result of any disagreement regarding Proterra’s financial reporting or accounting. A.J. Cederoth, an experienced public company finance executive with more than 20 years’ experience at Navistar International, including serving as Chief Financial Officer from 2009 - 2013, has been appointed Interim CFO.

Ms. Ard will step down from her role as Chief Financial Officer effective September 15, 2021, before departing Proterra over the next few months. She will work closely with Mr. Cederoth to ensure a smooth transition of responsibilities prior to her official departure from the Company.

The Company has initiated a search, with the support of leading executive recruiting firm Egon Zehnder, to identify Proterra’s next CFO.

Mr. Allen said, “Amy is a passionate and influential leader who has earned the respect of our entire organization during her nearly four and a half years as CFO for Proterra. Not only did she help build our financial team and implement a plan to achieve significant revenue and margin growth, but she also provided important insights and perspectives that have shaped the successful start of our new chapter as a public company. Proterra is a better company because of Amy’s invaluable contributions, and we appreciate her continued support during this transition period."

Mr. Allen continued, “As part of our search process, Proterra is looking to identify a permanent successor to Amy that brings public company experience and can help Proterra achieve its financial and strategic goals. In A.J., we are fortunate to have a seasoned executive with significant experience driving profitable growth, financial discipline, and accountability join our company as Interim CFO. A.J. is supported by our dedicated and talented financial team, and I am confident that together they will help us continue to deliver value for our customers, communities, and shareholders as the Company conducts its search for our next CFO.”

“It has been a privilege to work with the Proterra team to help transform the business into the dynamic, publicly-traded commercial EV leader that it is today,” said Ms. Ard. “I am confident that, with strong global demand for zero-emission, battery-electric commercial vehicles, the considerable capital we have raised during my time as CFO, and the additional financial resources that are available to a public company, Proterra is poised to capitalize on the significant opportunities ahead and drive further growth, innovation, and value creation.”

About A.J. Cederoth

Mr. Cederoth joins Proterra as Interim CFO with significant financial experience at public companies across multiple industries.

From 2009 until 2013, Mr. Cederoth served as Executive Vice President and Chief Financial Officer at Navistar International, a global truck and bus manufacturer, and previously held multiple senior finance roles at the organization.

After leaving Navistar, Mr. Cederoth served as CFO and financial advisor to multiple public and private companies across various industries. His overall breadth of experience makes him uniquely qualified to assist Proterra during this transition period.

Mr. Cederoth holds a Bachelor of Arts in Economics from the University of Illinois and a Master of Business Administration in Finance & Accounting from DePaul University.

About Proterra

Proterra (NASDAQ: PTRA) is a leader in the design and manufacture of zero-emission electric transit vehicles and EV technology solutions for commercial applications. With industry-leading durability and energy efficiency based on rigorous U.S. independent testing, Proterra products are proudly designed, engineered, and manufactured in America, with offices in Silicon Valley, South Carolina, and Los Angeles.

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those projected. Many important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements. More information on potential factors that could affect our financial results is included in our Securities and Exchange Commission filings and reports, including the risks identified under the section captioned “Risk Factors” in our Form S-1 filed with the SEC on June 29, 2021. Proterra disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

FAQ

Who was promoted to President of Proterra on September 13, 2021?

Gareth Joyce was promoted to President of Proterra.

Who is the Interim CFO of Proterra following Amy Ard's departure?

A.J. Cederoth has been appointed as Interim CFO.

Why is Amy Ard leaving Proterra?

Amy Ard is leaving Proterra after a transition period; her departure is not due to disagreements over financial reporting.

What is the market symbol for Proterra?

Proterra's stock is traded under the symbol PTRA.

What are the key responsibilities of Gareth Joyce as President of Proterra?

Gareth Joyce will execute the company's growth strategies across its business units.