ChargePoint appoints Rick Wilmer as CEO (NYSE:CHPT)

EV charging network ChargePoint (NYSE:CHPT) on Thursday said that it has appointed Rick Wilmer as its new President and Chief Executive Officer, effective November 16.

Wilmer, who succeeds Pasquale Romano, has joined the California-based firm as Chief Operating Officer in July 2022. He had previously served as CEO in companies including Pliant Technology, Leyden Energy, Mojo Networks and Chowbotics.

The company also announced that Chief Financial Officer Rex Jackson has departed the company, effective today.

Mansi Khetani, who is currently ChargePoint’s Senior Vice President of Financial Planning and Analysis, has been named interim CFO.

Separately, the company said its core markets of North America and Europe came under pressure late in the third quarter, with revenue falling far short of expectations.

The company’s shares fell more than 20% in after market trading.

“Overall macroeconomic conditions, along with fleet and commercial vehicle delivery delays impacted anticipated deployments with government, auto dealership and workplace customers,” said Wilmer.

The company provided preliminary third quarter revenue of $108 to $113 million, compared to $150 to $165 million previously expected.

As of October 31, 2023, its cash, cash equivalents and restricted cash was approximately $397 million.

ChargePoint expects to take a non-cash impairment charge of $42 million for the quarter, resulting in GAAP gross margin of negative 23% to negative 21% and non-GAAP gross margin of negative 19% to negative 17%.

The company expects non-GAAP operating expenses of $80 million to $82 million, as compared to $81 million to $84 million as previously expected.

ChargePoint will report its full third quarter results on December 6.