Automotive and mobility sector veteran Eric
Tech named CEO of XL Fleet
Tech brings nearly 35 years of industry and
leadership experience at Ford and Navistar
Announces preliminary unaudited financial
results for the third quarter of 2021
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a
leading provider of vehicle electrification solutions for
commercial and municipal fleets, today announced that its Board of
Directors (the “Board”) has appointed Eric Tech as Chief Executive
Officer of XL Fleet, effective December 1, 2021.
Mr. Tech brings nearly 35 years of automotive and mobility
industry experience and has held senior leadership positions at
Navistar International Corporation (“Navistar”) and Ford Motor
Company (“Ford”). He most recently served as Senior Vice President
of Corporate Development at Navistar, a publicly traded global
manufacturer and marketer of medium and heavy duty vehicles and
parts.
Among other accomplishments spanning his 15 year career at
Navistar, Mr. Tech successfully developed the blueprint for
Navistar’s strategic direction and further global expansion,
including executing on transformational growth opportunities,
identifying potential global alliances, and driving profitability.
At Ford, Mr. Tech held various senior level positions including
Chief Engineer for Superduty Trucks, where he managed nearly $2
billion new product programs, and led various product development,
efficiency and cost saving initiatives.
Mr. Tech succeeds Dimitri Kazarinoff, who is stepping down from
his position as Chief Executive Officer to pursue other career
opportunities. Mr. Kazarinoff will support Mr. Tech to help ensure
a smooth leadership transition through the end of the year. Upon
his joining as Chief Executive Officer, Mr. Tech will also join the
Board.
“We believe that Eric’s track record in delivering strong
operating and financial results, including during challenging and
dynamic business environments, makes him the ideal leader to help
deliver the next generation of electrification solutions to
customers,” said Debora Frodl, XL Fleet’s Board Chair. “He is a
forward-thinking and performance-driven executive who brings more
than three decades of deep industry experience combined with proven
leadership capabilities at world-class companies. On behalf of the
Board, we are excited to have Eric join the XL Fleet team.”
Ms. Frodl added, “The Board thanks Dimitri for his contributions
to XL Fleet, including guiding the Company as it transitioned to
the public markets.”
“I am honored to accept this new role and to be a part of the
future of XL Fleet,” said Mr. Tech. “I look forward to working
closely with XL Fleet’s dedicated team to execute on the Company’s
strategic growth plans, deliver strong results for our
stakeholders, and help XL Fleet achieve its full potential. As
cities, municipalities and enterprises are deepening their focus on
meeting their sustainability goals, fleet electrification is more
important than ever.”
Mr. Tech added, “With more than 150 million customer miles,
strategic partnerships, and more on-the-road experience than peers,
I am confident that XL Fleet is well-positioned in the commercial
fleet electrification industry. I am invigorated by the many
opportunities ahead for XL Fleet’s business, including the
expanding XL Grid and electrification-as-a-service offerings, and
am ready to get started.”
Automotive Industry Veteran with Nearly 35 Years of
Experience
Mr. Tech, 58, is an automotive and mobility industry veteran who
joins XL Fleet after spending 15 years at Navistar. Most recently,
he served as Navistar’s Senior Vice President Corporate
Development. Prior to that, Mr. Tech held various senior leadership
positions at Navistar including Senior Vice President and
Co-Chairman of Volkswagen Truck and Bus Alliance, Senior Vice
President of Strategy, Planning and Business Development, President
of Global & Specialty Business and President of Global Truck
& Engine. In these roles, Mr. Tech was responsible for leading
teams and businesses generating more than $1 billion in annual
revenues and over 3,000 global employees.
Prior to joining Navistar, Eric spent two decades at Ford Motor
Company and Jaguar Cars Limited in a variety of engineering,
product planning and program management roles.
A native of Detroit, Mr. Tech holds a BSME and an MBA from the
University of Michigan. He was a member of the Society of
Automotive and Aerospace Engineers (SAE) and was on its Board of
Directors from 2016 to 2018. He also served on the Board of the
American Chamber of Commerce in Sweden, a Midwest Trustee for the
Boys and Girls Club, and a member of the Salvation Army Chicago
Advisory Board.
XL Fleet Reports Preliminary Unaudited Third Quarter of 2021
Financial Results
XL Fleet expects to report revenues for the third quarter of
2021 of approximately $3.2 million, including $0.6 million from the
sale of drive systems and $2.6 million from XL Grid. Preliminary
financial results for the quarter were negatively impacted by
ongoing supply chain issues including microchip shortages and lack
of new fleet chassis, combined with timing of completion for
certain projects for XL Grid. XL Fleet expects to report cash and
cash equivalents of approximately $367 million as of September 30,
2021.
XL Fleet Announces Date for Third Quarter 2021 Earnings
Release and Conference Call
XL Fleet will report its third quarter 2021 financial results
after market close on Monday, November 15, 2021, followed by a
conference call at 5:00 p.m. Eastern Time.
The earnings conference call can be accessed live by dialing
877-407-3982, or for international callers, 201-493-6780 and
referencing XL Fleet. Alternatively, the call can be accessed via a
live webcast accessible on the Events & Presentations page in
the Investor Relations section of the Company’s website at
www.xlfleet.com. A replay will be available shortly after the call
and can be accessed by dialing 844-512-2921, or for international
callers, 412-317-6671. The passcode for the replay is 13723537. The
replay will be available until November 29, 2021. An archive of the
webcast will be available for a period of time shortly after the
call on the Investor Relations section of the Company’s website at
www.xlfleet.com.
About XL Fleet Corp.
XL Fleet is a leading provider of vehicle electrification
solutions for commercial and municipal fleets in North America,
with more than 150 million miles driven by customers such as The
Coca-Cola Company, Verizon, Yale University and the City of Boston.
XL Fleet’s hybrid and plug-in hybrid electric drive systems can
increase fuel economy up to 25-50 percent and reduce carbon dioxide
emissions up to 20-33 percent, decreasing operating costs and
meeting sustainability goals while enhancing fleet operations. For
additional information, please visit www.xlfleet.com.
Forward Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the federal
securities laws. Forward-looking statements generally are
accompanied by words such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “should,” “would,”
“plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of management and are not predictions of actual performance.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements, including but not limited to;
the effects of pending and future legislation; the highly
competitive nature of the Company’s business and the commercial
vehicle electrification market; litigation, complaints, product
liability claims and/or adverse publicity; cost increases or
shortages in the components or chassis necessary to support the
Company’s products and services; the introduction of new
technologies; the impact of the COVID-19 pandemic on the Company’s
business, results of operations, financial condition, regulatory
compliance and customer experience; the potential loss of certain
significant customers; privacy and data protection laws, privacy or
data breaches, or the loss of data; general economic, financial,
legal, political and business conditions and changes in domestic
and foreign markets; the inability to convert its sales opportunity
pipeline into binding orders; risks related to the rollout of the
Company’s business and the timing of expected business milestones,
including the ongoing global microchip shortage and limited
availability of chassis from vehicle OEMs and our reliance on our
suppliers; the effects of competition on the Company’s future
business; the availability of capital; changes in the preliminary
financial results for the quarter ended September 30, 2021 upon
completion of the Company’s financial closing procedures or upon
review and completion of procedures by the Company’s independent
registered public accounting firm, and the other risks discussed
under the heading “Risk Factors” in the Company’s Annual Report on
Form 10-K filed on March 31, 2021, as amended and supplemented by
the 10-K/A filed May 17, 2021, and other documents that the Company
files with the SEC in the future. If any of these risks materialize
or our assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. These forward-looking statements speak only as of the
date hereof and the Company specifically disclaims any obligation
to update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20211101005354/en/
Media: PR@xlfleet.com
Investor: xlfleetIR@icrinc.com
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