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ChargePoint CEO Replaced, CFO Exits Amid EV Charging Network Revenue Shortfall, Layoffs

November 16, 2023 by Joe Panettieri

ChargePoint is changing CEOs, and CFO Rex Jackson has departed the company amid a major quarterly revenue shortfall at the electric vehicle (EV) charging network business.

Update - January 11, 2024: ChargePoint announced additional layoffs. Original blog from November 16, 2023, continues below.

Mansi Khetani, interim CFO, ChargePoint

Among the changes and business anecdotes to note:

  • CEO Change: Chief Operating Officer Rick Wilmer (pictured, top of page) is now president and CEO. Wilmer succeeds former CEO Pasquale Romano, who will "remain as an advisor to ensure a seamless transition."
  • CFO Departure: Chief Financial Officer Rex Jackson has departed the company, effective today. Mansi Khetani, ChargePoint’s senior VP of financial planning and analysis, has been named interim CFO. The company has kicked off an executive search to find a permanent CFO.
  • Revenues: The company expects to generate revenue of $108 million to $113 million for Q3 of fiscal 2024 -- far short of the previous expectation of $150 million to $165 million. The figures are particularly bad, considering Wall Street analysts in August 2023 forecast Q3 revenues of roughly $182 million. Actual results will be disclosed December 6.
  • Layoffs: ChargePoint announced 10% staff layoffs in September 2023 amid weakening business conditions.

In a prepared statement about ChargePoint's latest business performance, Wilmer said: "Our core markets of North America and Europe both came under pressure late in the third quarter, with revenue falling far short of expectations. Overall macroeconomic conditions, along with fleet and commercial vehicle delivery delays impacted anticipated deployments with government, auto dealership and workplace customers."

Pasquale Romano, formerly CEO, ChargePoint

Describing the executive changes, Chairman Bruce Chizen said: “On behalf of the ChargePoint Board of Directors, we thank Mr. Romano and Mr. Jackson for their incredible contributions, and wish them the best in their future endeavors. We are fortunate to have Mr. Wilmer as a seasoned executive with a track record of success at ChargePoint to usher the company into its next chapter of growth.”

ChargePoint's new CEO has C-suite experience. He previously was CEO at Pliant Technology, Leyden Energy, Mojo Networks and Chowbotics.

Also of note: ChargePoint has a growing ecosystem of partners. Moreover, the company is deploying new networking, machine learning and proactive monitoring technologies that aim to boost EV charging station reliability to "nearly 100%, once fully implemented," ChargePoint said in August 2023.

Electric Vehicle Charging Station Market: ChargePoint Competition, Tesla Cooperation

Still, the financial update and executive changes surface amid multiple market shifts in the EV charging network industry.

Rex Jackson, formerly CFO, ChargePoint

Chief among them: Numerous EV car companies are embracing Tesla's North America Charging Standard (NACS) while also building EV charging alliances without Telsa.

Meanwhile, the overall electric vehicle (EV) market has faced growing headwinds in recent months. Sales of EVs are still growing -- but not as quickly as previously forecast. Moreover, bankruptcies in the electric vehicle market are piling up. Examples include WM Motors of China, as well as Lordstown Motors and Proterra.

Amid that backdrop, numerous EV charging technology companies, consulting firms and integrators need to reach scale to both compete and cooperate with the car companies on EV network projects. Among the recent moves to note:

We'll be listening to ChargePoint's December 6 earnings call for more context about the revenue shortfall and recovery plan.

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