Cathy Zoi to Retire as CEO and from the Board
of Directors, Effective in November 2023
Industry Veteran and Lead Independent Director,
Badar Khan, to Become CEO
EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the
nation’s largest public fast charging networks for electric
vehicles (“EVs”), today announced that its Board of Directors has
appointed Badar Khan to succeed Cathy Zoi as Chief Executive
Officer, effective on or about November 9, 2023. Zoi will retire as
CEO and from the Board following an impactful career with EVgo
where she oversaw a 957% increase in quarterly revenue since the
Company went public in 2021. To promote a smooth transition, Zoi
will serve as an advisor to the Company and work closely with Khan
through the end of 2023.
“Leading EVgo from a 50-person, private enterprise focused on a
nascent EV sector, to a leader in charging solutions serving nearly
700,000 customers has been a highlight of my career,” said Zoi. “I
set out to build a strong business yielding robust growth in
charger deployments, network utilization, and company revenues, and
as a team we have accomplished that. With the focus now being to
build on that foundation to further scale EVgo to meet evolving
fast charging demand, I believe that it is the right time to
implement this leadership transition. I have been fortunate to know
and work with Badar in his capacity as Lead Independent Director,
and I’ve seen firsthand the breadth of his talents. I believe that
Badar’s experience overseeing large, dynamic customer facing energy
organizations aligns perfectly with the opportunity ahead of EVgo
and that he is the right person to be our next CEO. I am delighted
to continue working closely with Badar and my colleagues on the
management team to promote a smooth transition. I am excited to see
what is yet to come for EVgo.”
David Nanus, Chair of the Board of Directors of EVgo, stated,
“Badar’s impressive accomplishments have established him as
a respected leader who is well-suited to build upon Cathy’s
successes. Having worked closely with Badar on the EVgo Board, I
know that he possesses a holistic understanding of the dynamics of
our business and knows what it takes to win in the marketplace. He
has more than 25 years of experience in the energy sector,
including overseeing the development of one of the largest EV
infrastructure programs for utilities in the U.S., servicing more
than 20 million customers and executing critical partnerships and
acquisitions. With Badar at the helm of EVgo’s stellar leadership
team and deep bench of executive talent, I am confident that this
will be a smooth transition that will ultimately take EVgo to the
next level.”
Nanus continued, “On behalf of the Board, I want to thank Cathy
for her remarkable service and commitment, leading EVgo through its
incredible transformation and rapid growth during the last
half-decade. Throughout her accomplished tenure as CEO, EVgo has
grown to become one of the nation’s largest public fast charging
networks for electric vehicles. EVgo would not be the impressive
company it is today without Cathy’s vision, dedication and
stewardship. I speak on behalf of the Board and all of EVgo’s
talented employees in wishing Cathy only the best.”
Khan commented, “I will be honored to succeed Cathy and take on
the role of CEO and lead EVgo at this exciting time for our
business and the industry. I greatly appreciate the work Cathy and
our talented team have done. They have honed the elements of the
flywheel that we believe will enable rapid electrification and
sustained commercial success. Building on these achievements, I
share Cathy’s excitement for EVgo’s future. As the sector continues
to revolutionize the world at a rapid pace, I see tremendous
opportunities ahead and believe we will continue to be a leader in
the EV revolution. I am excited to work closely with EVgo’s
talented management team and our incredible employees in an effort
to capture those opportunities, drive growth, deliver for our
customers and enhance shareholder value.”
Second Quarter 2023 Results
In a separate press release issued today, EVgo reported strong
second quarter 2023 financial results. Management will host a
conference call today at 5:00 p.m. ET / 2:00 p.m. PT to discuss
EVgo’s results and other business highlights.
That press release, along with other investor materials,
including a slide presentation and reconciliations of certain
non-GAAP measures to their nearest GAAP measures, will also be
available on investors.evgo.com.
About Badar Khan
A more than 25-year veteran of the energy sector, Badar Khan has
served on the EVgo Board of Directors since 2022. He has also
served as the Board’s Lead Independent Director, as Chair of the
Board’s Compensation Committee and as a member of the Board’s Audit
Committee and Nominating & Governance Committee. From 2017 to
2022, Khan worked for National Grid, one of the largest
investor-owned utilities in the world. Most recently, he served as
President of National Grid USA, overseeing the provision of energy
and clean energy solutions to more than 20 million people across
Massachusetts, New York and Rhode Island, and previously as
President of National Grid Ventures. During his time at National
Grid, Khan oversaw the regulatory approval for one of the largest
“make ready” electric vehicle infrastructure programs for utilities
in the U.S., the acquisition of an onshore solar and wind
renewables development company, and the launch of one of the
largest utility corporate venture capital funds in the U.S., with
over 40 investments and partnerships in the energy and clean tech
space. Prior to that, Khan spent 14 years at Centrica plc, where he
was a member of the leadership team of its North American
subsidiary, Direct Energy, including serving as CEO for four years.
Under his leadership, Direct Energy experienced significant growth
reaching revenue of more than $15 billion USD, serving over five
million customers and becoming one of the largest and most
innovative retail energy and services companies in North America
through multiple acquisitions and more than a dozen partnerships
with large and small technology companies. Earlier in his career,
Khan was an officer of SmartEnergy, a private retail energy company
in the U.S. and worked in management consulting with Deloitte
Consulting in Boston and KPMG in London. Khan began his career with
Jaguar Cars in the UK.
In addition to his role on the EVgo Board of Directors, Khan
currently serves on the Board of Directors of CRH plc, a leading
building materials business, on the advisory board of Zero Infinity
Partners, an early-stage venture capital firm, and as Senior
Advisor to Global Infrastructure Partners, one of the world’s
largest independent infrastructure investors. Khan received a
degree in engineering from Brunel University in London and an MBA
from the Wharton School of the University of Pennsylvania.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in charging solutions, building
and operating the infrastructure and tools needed to expedite the
mass adoption of electric vehicles for individual drivers,
rideshare and commercial fleets, and businesses. Since 2019, EVgo
has purchased renewable energy certificates to match the
electricity that powers its network. As one of the nation’s largest
public fast charging networks, EVgo’s owned and operated charging
network includes around 900 fast charging locations, 60
metropolitan areas and 30 states. EVgo continues to add more DC
fast charging locations across the U.S., including stations built
through EVgo eXtend™, its white label service offering. EVgo is
accelerating transportation electrification through partnerships
with automakers, fleet and rideshare operators, retail hosts such
as grocery stores, shopping centers, and gas stations, policy
leaders, and other organizations. With a rapidly growing network,
robust software products and unique service offerings for drivers
and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™,
and Autocharge+, EVgo enables a world-class charging experience
where drivers live, work, travel and play.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," “proposed,” "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to, express
or implied statements regarding EVgo’s continuing operational
focus, anticipated industry developments, potential opportunities,
future financial performance, and statements regarding the
Company’s leadership succession plan. These statements are subject
to numerous assumptions, risks and uncertainties and on the current
expectations of EVgo’s management and are not predictions of actual
performance. These risks include the Company’s ability to implement
a smooth leadership transition as well as to other risks described
in “Risk Factors” in EVgo’s Annual Report on Form 10-K filed with
the SEC on March 30, 2023, as well as its other filings with the
SEC, copies of which are available on EVgo’s website at
investors.evgo.com, and on the SEC’s website at www.sec.gov. All
forward-looking statements in this press release are based on
information available to EVgo as of the date hereof, and EVgo does
not assume any obligation to update the forward-looking statements
provided to reflect events that occur or circumstances that exist
after the date on which they were made, except as required by
applicable law.
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