Novonix shares tumble on CEO exit
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More news: Shares in Novonix are down nearly 7% to 60.5 cents in early trading on the ASX after the battery technology company said chief executive Chris Burns would step down from his role on 24 January.
The long-time CEO's exit comes just months before Novonix starts commercial production at the Riverside facility in the US, which will become the first large-scale production site for synthetic graphite for the battery sector in North America.
Novonix CEO Chris Burns to step down this week
The news: Battery technology company Novonix has announced that chief executive Chris Burns will step down from his role on 24 January, but will continue as a special adviser to the board.
The numbers: Burns has been CEO since September 2020. Novonix did not disclose any reasons for the exit but said it has appointed chief financial officer Robert Long as interim CEO until a permanent replacement is found.
The context: The CEO exit comes just months before Novonix starts commercial production at the Riverside facility in the US, which will become the first large-scale production site for synthetic graphite for the battery sector in North America.
The company said it has commenced a search for a new CEO who will be based at its headquarters in Chattanooga in Tennessee, and have experience in manufacturing, operations and scaling up.
Earlier this month, Novonix announced it was close to purchasing land for a second synthetic graphite mass production plant, also in Chattanooga, Tennessee.
The source: ASX announcement
