Volta Inc. recently announced that its Founder Scott Mercer has resigned as Chief Executive Officer. He will continue in that role for a transitional period and will serve as an advisor to the Board through March 31, 2023, and assist the Board in a search for a new CEO.
Effective immediately, he has stepped down from the Board. The board, in the meanwhile, has appointed independent directors Vince Cubbage and Kathy Savitt as the Board’s Co-Chairs and is committed to keeping the CEO and Board Chair roles separate going forward. Co-Founder and President Chris Wendel have also resigned from the company and the Board, effective immediately. As part of the transition, both Scott Mercer and Chris Wendel are converting their existing Class B shareholdings and equity awards to Class A stock.
As per the Volta Inc. resources, Scott Mercer, the founder, and departing CEO stated, “I am incredibly proud of Volta and what this team has achieved so far, and I am truly excited for its next phase of growth as the industry accelerates and matures. Volta was started with the ambition to be the best business model in the EV charging space, and now the company’s focus needs to turn to scaled, public-market-facing growth.”
Vince Cubbage, Co-Chair of the Board stated, “Since Volta was founded 12 years ago, it has created an entirely new industry as well as an unparalleled experience for both customers and drivers. With Volta’s listing as a public company last August, the Board and Founders mutually determined that now is the right time to identify new leadership with experience in managing public companies to serve the best interests of stakeholders and unlock the company’s full value potential.”
“The Board believes firmly that Volta is a great company with strong fundamentals, and is well-positioned to capitalize on the enormous opportunity before it,” said Kathy Savitt, Co-Chair of the Board. “We look forward to a smooth transition as Volta’s talented executive leadership team executes on the company’s strategic plan to build the fueling infrastructure of the future.”