Struggling electric vehicle charging firm Pod Point has appointed a new CEO in Melanie Lane.
Lane joins the listed group from Shell Recharge Solutions, having led the standalone unit following its acquisition by Shell in 2017 to become a prominent e-mobility solutions provider across key EU markets.
Prior to her time running Recharge, Lane led extensive and successful turnaround programmes for Shell’s aviation and retail units, which delivered significant operational improvements, resulting in strengthened competitive positions and profitability.
Lane will take up the position with effect from 1st May 2024. She will succeed former Aston Martin chief executive Andy Palmer, who has acted as interim CEO since last July when founder Erik Fairbairn stepped down.
Despite having installed 226,000 charge points in the UK, Pod Point – majority-owned by French energy group EDF and listed in London – has seen its valuation plummet from £352 million at IPO in November 2021 to just £32m today. When Fairbairn departed eight months ago, it had dipped just below a £100m market cap.
The company says it has been a victim of supply chain problems which pushed up its costs and caused a delay to the supply of new EVs.
When Lane joins the business, Palmer will return to his position of chair. Gareth Davis will step down as chair and remain on the board as an independent non-executive director, whilst interim senior independent director Karen Myers will take up the position on a permanent basis.
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“I am very pleased to be appointed CEO of Pod Point and am looking forward to taking on this new opportunity,” said Lane. “Pod Point is a leading player in UK EV charging with a strong brand, high customer trust, extensive partnerships and fantastic people.”
The group also reported that its latest results are expected to be in line with previously announced guidance of revenue of at least £63m and adjusted EBITDA loss of no greater than £16m. At 31st December 2023, net cash was £48.7m, slightly ahead of the guidance of at least £47m.
Palmer described the balance sheet as “robust” and said its restructure, labelled Powering Up, was working.
Lane added: “The business has an outstanding opportunity to build on the pillars of the recently announced Powering Up strategy with a renewed focus on home and workplace charging, driving recurring revenue through Energy Flex and growing internationally.”