XL Fleet Appoints John Miller to its Board of Directors

Rhea-AI Summary

XL Fleet Corp. (NYSE: XL) has appointed John Miller to its Board of Directors to enhance strategic guidance amidst rising decarbonization needs. Miller brings over 40 years of experience in transportation and manufacturing, including his tenure as CEO at Power Solutions International (OTC: PSIX). He aims to leverage his expertise to help XL Fleet support customers’ sustainability goals. The Board welcomes his operational and financial insight, especially during this transformative phase for the company.

Positive

• John Miller's extensive experience in transportation and manufacturing strengthens XL Fleet's strategic leadership.
• Miller's appointment is timely as companies increasingly pursue sustainability and decarbonization.

Negative

• Concerns may arise regarding the potential gaps in leadership continuity with Miller's new role.

Miller’s strong leadership and financial management experience in the transportation, manufacturing and distribution industries will support XL Fleet’s strategy moving forward

BOSTON--(BUSINESS WIRE)-- XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leading provider of fleet electrification solutions, announced today the appointment of John Miller to its Board of Directors. Mr. Miller will provide strategic counsel to support the future of the business as the Company helps its customers meet decarbonization and sustainability goals.

Mr. Miller has more than 40 years of executive management experience in the transportation, manufacturing and distribution industries, including operations and finance leadership positions at public companies. From 2017 to 2021, he served as CEO of Power Solutions International (OTC Pink: PSIX), a leader in the design, engineering, and manufacturing of a broad range of advanced, emission-certified engines and power systems. Prior to Power Solutions, Mr. Miller served in operational and financial management positions at Navistar, a global manufacturer of commercial and military trucks, school buses, and diesel engines.

“There is a growing global need for decarbonization, and I am excited to help guide XL Fleet and its leadership team as they help organizations meet their sustainability goals.” said Mr. Miller. “I look forward to leveraging my experience to support this strong leadership team, and working together with the Board and management to help transform the future of electrification.”

“We are pleased to welcome John to our Board of Directors at this transformational time in the Company’s journey,” said Debora M. Frodl, Chair of XL Fleet’s Board of Directors. “The Board and management team are confident that John adds a unique depth of relevant business, financial and operational counsel that will prove valuable in guiding the leadership team and helping the Company to create long-term value for stakeholders.”

About XL Fleet

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 180 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can significantly increase fuel economy and reduce carbon dioxide emissions, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. For additional information, please visit www.xlfleet.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; changes in the preliminary financial results for the quarter ended September 30, 2021 upon completion of the Company’s financial closing procedures or upon review and completion of procedures by the Company’s independent registered public accounting firm, and the other risks discussed under the heading “Risk Factors” in the Company’s current report on Form 10-K filed on March 1, 2022, and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220304005308/en/

Investor:

xlfleetIR@icrinc.com

Media:

PR@xlfleet.com

Source: XL Fleet Corp.

FAQ

What are the implications of John Miller joining XL Fleet's Board of Directors?

John Miller's appointment is expected to enhance XL Fleet's strategic direction, particularly in sustainability initiatives.

What experience does John Miller bring to XL Fleet?

Miller has over 40 years in executive roles within transportation and manufacturing, including being CEO of Power Solutions International (PSIX).

How might John Miller's leadership affect XL Fleet's sustainability goals?

Miller's expertise is anticipated to guide XL Fleet in effectively meeting customer decarbonization and sustainability objectives.

What is XL Fleet's focus in the current market?

XL Fleet focuses on providing vehicle electrification solutions for commercial and municipal fleets, supporting sustainability efforts.