VSA Morning Alternative Energy Comment, 15/11/19
redT energy# Announces Board Changes
Energy storage company redT energy (RED LN)# has announced several board changes as part of ongoing merger activities with Avalon Battery.
Ex-CEO Scott McGregor, who stepped down from the board in March, will be leaving the company on 31 December 2019.
Ex-Chairman Jeff Kenna, now Non-Executive Director, will be stepping down from the board on 31 December 2019.
Subject to the successful completion of the merger, Larry Zulch, CEO of Avalon, will become CEO of the merged business.
Larry has over 30 years of experience successfully commercialising advanced technologies and scaling the companies that deliver those technologies to market. He was formerly the President & CEO of Dantz Development (acquired by EMC), Photometics, PLCD, Cloud Engines, and Savvius (acquired by LiveAction). He served as VP and Officer at EMC, and as Executive Chairman of FreeRange Communications (acquired by Sprint via Handmark).
Prior to completion of the merger, RED will continue to be managed by Neil O'Brien, Executive Chairman, and Fraser Welham, Chief Financial Officer.
As per the start of the strategic review on 14 March 2019, our research coverage remains suspended on the stock.
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