Pod Point Group Holdings PLC (LSE:PODP) saw its shares fall 10.8% after it announced that it is looking for new leadership to navigate a “challenging” market and seek growth opportunities in the electric vehicle (EV) market.
The provider of EV charging points said chief executive officer Eric Fairbairn is leaving with immediate effect, with Andy Palmer, currently a senior independent director, to become interim CEO while the company looks for a permanent replacement.
Pod Point chair Gareth Davis said: "Since our stock market listing, Pod Point has navigated challenging industry headwinds. Given these challenges, the board feels that new leadership is required to execute the existing strategy and to take advantage of future growth opportunities."
Palmer highlighted the growing need for EV charging infrastructure as the market transitions to zero-emission cars, which provides opportunities for Pod Point.
He said: “This transition creates significant opportunities for Pod Point in both commercial and domestic demand for charging points and related recurring revenue through, for example, grid load management.
“I look forward to working more closely with the highly skilled and entrepreneurial team at Pod Point to convert these opportunities into top-line revenues and improving profitability."
The company said a plan of action to deal with the tough market conditions and position the company for long-term profitability will be detailed in the interim results statement due out on 31 July.
Pod Point said Karen Myers will succeed Palmer as senior independent director on an interim basis.
Shares were down 7.8p at 64.20p at 9.20am.