EV Startup Electric Last Mile Feels Share Pain as CEO and Chairman Resign
Posted on 02/02/2022
Troy, Michigan-based Electric Last Mile Solutions, Inc. disclosed that Shauna McIntyre, a member of the Company’s Board of Directors, has been appointed as Interim Chief Executive Officer and President, succeeding James Taylor, who has resigned from his role as Chief Executive Officer and a member of the Board. In addition, Brian Krzanich has been appointed Non-Executive Chairman of the Board, replacing Jason Luo, who has also resigned from his position as Executive Chairman of the Board. The departures follow an investigation conducted by a Special Committee of the Board of Directors. There was an internal probe into share purchases made by the co-founders. The Urban Delivery is an electric cargo van in the Class one commercial vehicle.
The ELMS Urban Delivery is anticipated to launch later this year.
Investors in Electric Last Mile Solutions, according to recent September 30, 2021 filing data, include BNP Paribas, Partners Capital Investment Group LLP, Marshall Wace North America LP, and The Vanguard Group, Inc.
Controversies have run amuck for electric vehicle startups that went public through SPACs including Nikola Corporation and Lordstown Motors. Proterra is an American automotive and energy storage company based in Burlingame, California that still struggles with profitability. – US$ 204,868,000 in losses in the 9 months ended September 30, 2021.
