Proterra Inc (“Proterra” or the “Company”), a leading innovator in commercial vehicle electrification technology, today announced that Gareth Joyce, who currently serves as President of Proterra, will succeed Jack Allen as Chief Executive Officer and join the Company’s Board of Directors, effective January 1, 2022. Mr. Allen will retire as CEO and continue to serve on the Company’s Board as Non-Executive Chairman at that time.
Mr. Allen said, “It has been a privilege to serve as CEO of Proterra, and I could not be more proud of how we have come together to redefine the commercial vehicle industry. Since I joined the Company’s Board in 2017, we’ve grown tremendously, expanding our technology, scaling our operations and delivering more EV solutions to customers every year. With our public listing now behind us and the Company bigger and stronger than ever, now is the right time for me to retire and transition and focus on serving on the Board. Gareth is the right person to lead Proterra forward into its next phase. He has extensive experience building and running high performance organizations and an intimate understanding of Proterra’s business. Our Board is confident he will lead the execution of our growth strategies and advance our goal of realizing a future of clean, quiet transportation for all.”
Mr. Joyce commented, “I am excited to lead this great organization and build on the momentum we have created. I know first-hand how our technology and the purpose-driven nature of our company have set Proterra apart from our peers and positioned us for long-term success. Thanks to Jack’s leadership, Proterra has a strong foundation in place. As the race towards a zero-emission future continues, I am confident we will continue playing a central role in electrifying the commercial vehicle sector for years to come. As CEO, I will be committed to working with our incredibly talented team to provide customers with best-in-class electric buses and technology, growing our share of the EV market and creating long-term value for shareholders.”
Jeannine Sargent, Chair of the Board’s Nominating and ESG Committee, said, “Today’s announcement reflects the Board’s thoughtful approach to succession planning and talent development. During his time with Proterra, Gareth has proven himself as a leader, strong operator and customer-oriented innovator. The Board believes Gareth is uniquely positioned to drive Proterra forward and generate sustainable value for our shareholders, customers and other stakeholders.”
Ms. Sargent continued, “On behalf of the entire Board, I would like to thank Jack for his invaluable contributions as CEO. With Jack’s guidance, Proterra has emerged as a leader in the electric vehicle technology revolution with scaled operations, sound business fundamentals and a strong financial profile. We look forward to continuing to benefit from Jack’s expertise as Non-Executive Chairman, and appreciate his ongoing dedication to the Company.”
New Chief Financial Officer
Also today, Proterra announced that Karina Franco Padilla has been appointed Chief Financial Officer, effective January 1, 2022. Ms. Padilla brings more than 25 years of experience overseeing corporate and business unit finances.
“We are pleased to welcome Karina as Proterra’s next Chief Financial Officer,” said Mr. Allen. “During her impressive career, Karina has earned her reputation as a well-rounded financial executive with a strong track record of leadership and a comprehensive understanding of how technology and industrial manufacturing companies operate. With Karina’s support, Proterra is poised to continue executing on its business and financial strategy and deliver strong returns for shareholders.”
Ms. Padilla said, “I am honored to join Proterra during an important phase of growth and innovation for the Company. Proterra is an industry leader with a strong balance sheet, robust capital position and compelling trajectory of growth. I am excited to work with Gareth and the entire management team to build on the initiatives underway, including driving profitable growth and achieving our financial targets, so we can create sustained value for shareholders.”
Changes to the Proterra Board
Additionally, Proterra announced today that, in conjunction with Mr. Joyce’s appointment, Ryan Popple will step down as a director on the Company’s Board. ML Krakauer, a proven technology executive, has been appointed to the Board and will join the Compensation Committee. These changes will become effective on January 1, 2022.
Ms. Sargent said, “The Board would like to thank Ryan for his vision, leadership and service to Proterra. Since helping found our company, Ryan has supported our efforts to grow our customer base, advance our battery technology and shape Proterra into the commercial EV leader that we are today. With Jack transitioning to Non-Executive Chairman and Gareth becoming a director, Ryan and the Board agree that both his stepping down and ML’s appointment will enable Proterra to maintain the highest standards of corporate governance and increase our number of independent directors. ML is a high caliber leader, and the Board agrees that her track record of driving innovation at leading technology companies will be incredibly valuable as Proterra advances its mission of delivering the world’s best-performing commercial vehicles.”
Mr. Popple said, “When I joined Proterra in 2014 as CEO, we believed that public transit would be the first commercial vehicle segment to electrify and that the transit market would be a catalyst for transportation electrification. Today, we have transformed that vision into a public company with three business platforms that serve over 130 customers and have helped save carbon emissions over 20 million service miles. With Jack and Gareth on the Board, I am confident that Proterra is in good hands, and that now is a good time for me to step away and ensure that our governance aligns with best-in-class practices. As Proterra continues to grow and capitalize on the opportunities ahead, I look forward to following the Company’s success.”
Ms. Krakauer noted, “It’s a pleasure to join the Proterra Board during an exciting time in the electric vehicle sector. Proterra’s relentless commitment to developing safer, more reliable and cleaner options for commercial vehicles positions them well to continue playing a leading role in a future of zero emissions. As I come aboard, I look forward to leveraging my experience driving growth-oriented innovation across organizations in highly complex technology service environments to help position the Company for the future.”