Volta Inc.’s stock plummeted to all-time lows following the abrupt departure of two of its top executives, both of whom were co-founders of the company.
The resignations of CEO Scott Mercer and President Chris Wendel came less than a week after the San Francisco-based company delayed reporting its latest quarterly earnings, although it was unclear whether the two events were connected.
Mercer will serve as CEO during a transition period while the company’s board of directors searches for a replacement.
Volta shares fell as much as 20% in U.S. trading Monday, the company’s steepest decline in nearly six months. As of 12:22 p.m. EDT in New York, the shares were down 19 percent to $3.35. In store parking lots, the company instals charging stations equipped with large video displays for advertising purposes. Volta became publicly traded seven months ago after merging with a special purpose acquisition company.
“With Volta’s August public offering, the board and founders agreed that the time has come to identify new leadership with experience managing public companies to serve shareholders’ best interests and unlock the company’s full value potential,” newly appointed Co-Chair Vince Cubbage said in Volta’s Monday statement announcing the leadership changes.
Volta stated that it is “committed” to maintaining a separate CEO and board chair role in the future, and also named Kathy Savitt as co-chair of the board.