Xos Announces Appointment of Stuart Bernstein to Board of Directors
October 21 2022 - 7:00AM
Xos, Inc. (NASDAQ: XOS), a leading technology company that provides
fleet services, software solutions, and manufactures Class 5
through Class 8 battery-electric commercial vehicles, today
announced that Stuart Bernstein has joined the Board of Directors
(the “Board”), effective October 20th. Mr. Bernstein will serve as
a member of the Audit and Compensation committees.
Mr. Bernstein will be a Class III director and will serve until
the Annual meeting of stockholders in 2024, or such later time if
he stands for re-election as a Board member and is re-elected. Mr.
Bernstein will replace Ms. Sara Mathew, a current Class III
director, who will be stepping down from the Board. Following the
appointment of Mr. Bernstein, the Board will continue to comprise
eight directors, six of whom are independent.
“We are pleased to welcome Stuart Bernstein to the Xos Board,”
said Dakota Semler, Chairman and Chief Executive Officer of Xos.
“Stuart’s deep experience working with newly public growth
companies with a focus on clean technology, renewables, and
sustainability will be invaluable to Xos as we continue to scale
our business, fund our growth, and pursue our mission to
decarbonize commercial transportation. I would also like to thank
Sara for her outstanding contributions to Xos during this critical
first year as a public company.”
“Decarbonizing transportation is something I’m deeply passionate
about, and Xos is uniquely positioned to lead this evolution within
the commercial trucking space,” said Mr. Bernstein. “I’m excited to
join the Xos Board of Directors and support the Company as it
executes on its strategic vision of a zero-emission future.”
“It has been an honor to serve on the Board of Directors at Xos
during its initial year as a public company,” said Ms. Mathew. “I
will continue to be a staunch supporter of the team and look
forward to following their future successes.”
Mr. Bernstein is the Founder and Managing Member of Sustainable
Capital LLC, a sustainable investment firm. Prior to that, he was a
long-time partner at Goldman Sachs, where during his 25-year career
he founded and managed the Clean Technology and Renewables group
within the investment banking division, working with many of the
firm’s corporate and investor clients focused on sustainability. He
also ran the Venture Capital Coverage effort, was co-head of Equity
Capital Markets (ECM) and Global Head of the Technology Capital
Markets Team where he advised on capital markets strategies and
transactions with hundreds of late-stage private and early-stage
public growth companies. Mr. Bernstein is also Senior Advisor to
G2VP, a sustainable venture and growth investment firm; Story3
Capital Partners, a consumer, commerce, and content private equity
firm; and Kimpact, a national affordable housing fund with a focus
on environmental and social impact. Previously, Mr. Bernstein
served as an advisor to NextGen Acquisition Corp (the predecessor
company to Xos) and NextGen Acquisition Corp II, two special
purpose acquisition companies.
Mr. Bernstein earned his MBA from the Harvard Business School
and his MPA from the Harvard Kennedy School. He graduated Phi Beta
Kappa from U.C. Berkeley. Mr. Bernstein is a Board Emeritus member
of the Haas School of Business and a former Trustee of the UC
Berkeley Foundation. He was also a founder of the Berkeley Energy
& Climate Institute, and a former Advisory Board Member to the
Lawrence Berkeley National Lab. Stuart also served on the board at
Generate Capital and the California Chapter of the Nature
Conservancy. Mr. Bernstein was awarded Business Leader of the Year
by the Haas School of Business and is a recipient of the
Distinguished Environmental Advocate Award by Environmental
Advocates of New York.
About Xos, Inc.Xos is a leading
technology company, fleet services provider, and original equipment
manufacturer of Class 5 through Class 8 battery-electric vehicles
and the tools to adopt them. Xos vehicles and fleet management
software are purpose-built for medium- and heavy-duty commercial
vehicles that travel on last-mile, back-to-base routes of up to 270
miles or less per day. The company leverages its proprietary
technologies to provide commercial fleets with zero-emission
vehicles that are easier to maintain and more cost-efficient on a
total cost of ownership (TCO) basis than their internal combustion
engine counterparts. For more information, please visit
www.xostrucks.com.
ContactsXos Investor
Relationsinvestors@xostrucks.com
Xos Media Relationspress@xostrucks.com
Cautionary Statement Regarding Forward-Looking
StatementsThis press release may include “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, but are not limited to,
statements regarding Xos, Inc.’s (“Xos”) expected product
deliveries. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) Xos’ ability to
implement business plans, forecasts, and other expectations, and
identify and realize additional opportunities, (ii) cost increases
and supply chain shortages in the components needed for the
production of Xos’ vehicle chassis and battery system, (iii)
changes in the industries in which Xos operates, (iv) changes in
laws and regulations affecting Xos’ business, (v) Xos’ ability to
retain key personnel and hire additional personnel, (vi) the risk
of downturns and a changing regulatory landscape in the highly
competitive electric vehicle industry and (vii) the outcome of any
legal proceedings that may be instituted against Xos. You should
carefully consider the foregoing factors and the other risks and
uncertainties described under the heading “Risk Factors” included
in Xos’ Annual Report on Form 10-K for the fiscal year ended
December 31, 2021 filed with the Securities and Exchange Commission
(the “SEC”) on March 30, 2022 and Xos’ other filings with the SEC,
copies of which may be obtained by visiting Xos’ Investors
Relations website at https://investors.xostrucks.com/ or the SEC's
website at www.sec.gov. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Xos assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Xos does not give any assurance that
it will achieve its expectations.
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