Why is Expion360 (XPON) stock down 7% today?
Expo360 (NASDAQ:XPON) the stock is lower on Tuesday as investors react to leadership changes at the lithium-ion battery company.
The first big change is Brian Schaffner taking over as CEO of the company. This allowed him to replace former CEO and co-founder John Yozamp. However, John Yozamp remains in the newly created role of Business Development Manager.
On top of that, the company announced that chief accounting officer Greg Aydelott has been promoted to chief financial officer. Additionally, co-founder Paul Shoun now serves as the company’s president, while retaining his roles as director and chief operating officer.
We are also seeing changes within the company’s board of directors. This includes the election of David Hendrickson as the new Chairman of the Board. The former independent director replaces Yozamp in the role of chairman.
Reasons for leadership changes
Hendrickson explained the reasons for the leadership changes in a press release.
“These strategic management and board transitions advance our plans to increase shareholder value. We believe the changes better align our experience and senior leadership talents to effectively drive growth and new opportunities, enabling Expion360 to be an emerging leader in clean energy solutions.
XPON stock is down 6.7% on Tuesday morning.
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As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.
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