Expion360 (NASDAQ:XPON) stock is falling on Tuesday as investors react to changes in leadership at the lithium-ion battery company.
The first big change is Brian Schaffner taking over as the CEO of the company. This has him replacing former CEO and co-founder John Yozamp. However, John Yozamp is sticking around in the newly-created Chief Business Development Officer position.
In addition to this, the company has announced that Chief Accounting Officer Greg Aydelott has been promoted to the CFO position. Also, co-founder Paul Shoun is now acting as the President of the company, as well as retaining his Director and COO positions.
We’re also seeing changes to the company’s Board of Directors. That includes David Hendrickson being elected as the new Chairman of the Board. This has the former independent director replacing Yozamp in the Chairman role.
Reasons for the Leadership Changes
Hendrickson explained the reasons behind the leadership changes in a news release:
“These strategic management and board transitions further our plans to increase shareholder value. We believe the changes better align our senior executive experience and talent to effectively drive growth and new opportunities, enabling Expion360 to be an emerging leader in clean energy solutions.”
XPON stock is down 6.7% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.