CFO of struggling Battery company steps down

Microvast CFO, Craig Webster, is to step down and become special advisor to the CEO for one year. No immediate replacement has been named.



Microvast manufactures lithium-ion batteries for commercial electric vehicles. It has a 1,400,000 sq.ft. factory in Huzhou, China and it is in the process of building a 577,000 sq. ft. facility in Clarksville, Tennessee. It has its corporate office in Stafford, TX with other facilities in Florida,  Colorado and Germany.

The company got embroiled in political controversy last year. Originally it was awarded a $200 million grant from the Department of Energy to help finance the Clarksville plant, but the grant was rescinded in May 2023 due to the company’s alleged links with the Chinese government.

CEO Yang Wu resides in Hawaii. The company went public via a SPAC in July 2021. Like many companies taken public in this way, its shares are under water and now trade at 52 cents. For 2023, it had revenue of $307 million and a net loss of $106 million.

The company has shelved completion of the Tennessee facility while it seeks financing.

Mr. Webster became CFO two years ago, though he has been a non-exec director since 2012. A UK citizen, he was living in New Zealand at the time of his appointment. He agreed to relocate to the US after his appointment, though the company just paid for the costs of his immigration expenses.

Under the terms of his separation, Mr. Webster will receive a lump-sum payment of $48,000 and a monthly salary of $16,667 until April 2025.

SEC filing – 8-K – Microvast CFO resigns

 

 

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