Pod Point Group Holdings PLC on Thursday said its Chief Executive Officer & Founder Erik Fairbairn is stepping down.

Shares in the London-based electric vehicle charging infrastructure provider were down 11% to 65.78 pence each in London on Thursday morning.

Pod Point said Fairbairn is stepping down ‘to allow for new leadership as the company navigates the growing market for EVs in 2023 and beyond.’

Senior Independent Director Andy Palmer has been appointed as interim CEO ‘to enhance operational performance and deliver sustained shareholder value for the group.’

Pod Point also said that Karen Myers will succeed Palmer as senior independent director on an interim basis.

Fairbairn will be available to the board and the interim CEO to the end of his contractual term.

Chair Gareth Davis said: ‘Since our stock market listing, Pod Point has navigated challenging industry headwinds. Given these challenges, the board feels that new leadership is required to execute the existing strategy and to take advantage of future growth opportunities.

‘The board is confident that Andy’s combination of proven industry experience and deep knowledge of vehicle electrification will enable Pod Point to realise its full potential. He will build on the pioneering spirit of Erik, who founded the company and who foresaw future demand for charging solutions.’

Pod Point will announce first half results on July 31. The company said that Palmer will also outline actions to address challenging current market conditions and position Pod Point for long term profitability.

In February, the company reported a 16% rise in revenue to £71.4 million in 2022, from £61.4 million a year earlier.

Pretax loss, however, widened to £19.9 million from £14.3 million, as adjusted loss before interest, tax, depreciation and amortisation widened to £12.3 million from £8.1 million a year earlier. The company said the loss was anticipated due to its continued investment in growth.

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