Sue Ozdemir, who joined Exro from General Electric in 2020, is stepping down as the company seeks an interim CEO, but will remain on the company’s board. Exro also named strategic advisor Chris Rankin chief restructuring officer as it continues a “strategic review” and explores a potential sale of its assets. (The Logic)
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Sue Ozdemir, who joined Exro from General Electric in 2020, is stepping down as the company seeks an interim CEO, but will remain on the company’s board. Exro also named strategic advisor Chris Rankin chief restructuring officer as it continues a “strategic review” and explores a potential sale of its assets. (The Logic)
Talking point: Ozdemir’s resignation underscores the startup’s deepening troubles. Last week, it laid off 60 employees and said it was delaying its annual general meeting. Exro’s Coil Driver technology works by regulating an electric vehicle’s torque, thereby helping the battery operate more efficiently. In January 2024, Exro had launched a $332-million takeover of California-based EV tech firm SEA, telling investors that the acquisition would help make Exro profitable within a year. It finalized the takeover in April 2024, but the company’s financial struggles have persisted.
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