Electric car manufacturer Canoo Technologies announced it has named current Board Member Greg Ethridge as Chief Financial Officer, succeeding Ken Manget. Ethridge will report to Canoo Chairman and CEO, Tony Aquila.
The company said in its Monday announcement that the move is effective immediately, and Ethridge will assume responsibilities for capital markets, investor relations, accounting & financial reporting functions. Ethridge agrees to resign from Canoo’s Board of Directors by the end of the year.
The announcement followed Canoo’s earlier announcement of agreeing to pay a $1.5 million civil penalty over misleading revenue projections for the past two years. The SEC also temporarily banned former CEO Ulrich Kranz and former CFO Paul Balciunas from holding board positions at publicly traded companies.
“I am pleased to announce the appointment of Greg to Canoo’s executive management team. Greg has served on the Canoo board since 2020 and has a strong understanding of our business strategy and long-term plans,” said Tony Aquila, Chairman and CEO at Canoo. “I’m grateful for the hard work that Ken delivered and wish him the best in the future.”
Ethridge has deep experience in capital markets and finance over his career having previously served as president, chief operating officer and a director of Hennessy Capital Acquisition Corporation IV, V and VI. He also held director or executive positions at Motorsports Aftermarket Group, MatlinPatterson Global Advisers LLC, FXI Holdings Inc., Gleacher and Company, Imperial Capital LLC, Jefferies and Company, Inc., as well as other boards and investment firms.
As CFO, he’ll play a critical role in Canoo’s efforts to improve earnings. The publicly-traded company reported a $70.9 million net loss in the second quarter, an improvement from the $164.4 million net loss, or 68 cents per share, it reported in the same period last year.
Canoo, soon to be headquartered in Bentonville, Arkansas, is in the process of finalizing its manufacturing facility in Oklahoma City and another in Pryor, Oklahoma.
The company this month announced it had agreed to pay a $1.5 million civil penalty over misleading revenue projections for the past two years. The SEC also temporarily banned former CEO Ulrich Kranz and former CFO Paul Balciunas from holding board positions at publicly traded companies.