Pod Point Group Holdings PLC shares rose on Tuesday, after it named Melanie Lane as its new chief executive.

Shares in the London-based electric vehicle charging services provider were up 8.0% to 23.19 pence each in London on Tuesday morning.

Pod Point named Lane as its new chief executive, effective from May 1.

She will succeed Andy Palmer, who has acted as interim CEO since July last year during the course of the executive search and appointment processes.

Lane joins the company from Shell Recharge Solutions, having led the standalone unit following its acquisition by Shell in 2017.

Following Lane’s appointment as CEO, Palmer will step down from the executive leadership team and return to the board as chair designate, before taking on the role of non-executive chair post the company’s annual general meeting on June 5.

At this time, 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 become the permanent senior independent director.

Separately, Pod Point said its 2023 results are expected to be in line with previously announced guidance, with revenue of at least £63 million and an adjusted loss before tax before interest, tax, depreciation and amortisation no greater than £16 million.

In 2022, Pod Point reported revenue of £71.4 million and adjusted Ebitda loss of £7.0 million.

As at December 31, net cash was £48.7 million, slightly ahead of guidance of at least £47 million.

Chief Executive Andy Palmer said: ‘I am pleased that Pod Point has delivered an improved performance in the second half of 2023. We laid out our new strategy, Powering Up, in November 2023 and have made good progress against our key initiatives. Our balance sheet is robust, and we go into 2024 excited about our future opportunities.’

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