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EV Charging Network: EVgo Unveils CEO Succession Plan

August 3, 2023 by Joe Panettieri
Badar Khan, incoming CEO, EVgo

EVgo, which develops a fast-charging network for electric vehicles (EV), has named Badar Khan to succeed Cathy Zoi as CEO in November 2023.

Khan has extensive experience in and around the renewable energy market. He previously held key posts at National Grid, Centrica's Direct Energy subsidiary, SmartEnergy, Deloitte Consulting and and Jaguar Cars. He joined EVgo's board of directors in 2022.

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., EVgo asserted.

EVgo Business Performance: Cathy Zoi's Track Record

EVgo CEO Cathy Zoi will step down in November 2023

Meanwhile, EVgo grew rapidly under Zio's leadership. Indeed, the company's quarterly revenue grew nearly 1,000% since EVgo went public in 2021, the company noted. Among the latest financial and business metrics to note:

  • Revenue was $50.6 million in Q2 of 2023, up 457% from Q2 of 2022.
  • GAAP net loss was $21.5 million in Q2 of 2023, compared to a GAAP net profit of $17 million in Q2 of 2022.
  • Those financial results generally beat Wall Street's expectations.
  • On the business front, EVgo's charging network includes roughly 900 fast charging locations that spans 60 metropolitan areas and 30 states.
  • The company also promotes Partner Roaming to simplify charging for EV drivers white promoting cross-industry collaboration.

Amid the planned CEO transition, Board Chair David Nanus praised Khan and Zoi. Moreover, Nanus, Khan and Zoi each were quoted extensively in the press release announcing the CEO transition. And Zoi hosted EVgo's earnings call shortly after the CEO transition was announced. Roll all those factoids together, and it's clear that the company has carefully thought through the CEO transition progress.

EV Charging Networks: Multiple Market Shifts

EVgo's CEO transition surfaces amid multiple market shifts in the EV charging network industry. Chief among them: Numerous EV car companies are embracing Tesla's North America Charging Standard (NACS) while also building EV charging alliances without Telsa.

Consulting firms and integrators, meanwhile, need to reach scale to both compete and cooperate with the car companies on EV network projects. Amid that backdrop, some EV companies are pursuing M&A to scale faster. For instance, Charge Enterprises acquired Greenspeed Energy Solutions for at least $15 million earlier this week.

As for EVgo -- the company is growing, but Wall Street wants to see stronger financial results from the firm. Indeed, shares are down roughly 50% over the past year (as of August 3, 2023), though they've ticked up roughly 3% for year-to-date 2023, according to SeekingAlpha.

So what's next? First up, the CEO transition is expected to be official on or about November 9, 2023. Dig a little deeper, and you'll notice that incoming CEO Khan also has experience as a private equity senior advisor. Just a hunch, but we think that experience could be quite relevant in 2024 or so.

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