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Battery technology company Novonix (ASX: NVX) is on the hunt for a new CEO after announcing today that Dr Chris Burns will be stepping down from the helm of the company he helped co-found.
Novonix, which listed on the ASX in 2017 and on the Nasdaq in 2022, says Burns will continue to support the company as a special advisor to the board to ensure a smooth transition.
The surprise exit by the battery science pioneer led to a 10 per cent fall in Novonix’s shares this morning to a low of 58.5c. The shares were trading at 60c, down 5c, at 11.54am (AEDT).
The Canada-based Burns has led Novonix since September 2020 although he has been CEO of Novonix Battery Testing Services, a company he founded in Canada, since 2013.
Along with Professor Jeff Dahn, Burns co-developed the breakthrough Ultra High Precision Coulometry technology which set the foundation for Novonix.
The company, which is heavily backed by Brisbane-based renewables investors the St Baker family and was originally led by Philip St Baker, says that Burns leaves the business well positioned for the next phase of growth as it scales up operations at its production facilities in Chattanooga, Tennessee.
“I am incredibly proud of everything that Novonix has accomplished during my time as CEO,” says Burns.
“We have developed innovative technology, new products, and have gained significant support from the US Government, investors and customers as we have established ourselves as a leader in the battery materials sector in North America.
“As we move towards commercial scale production at Riverside this year, it is a great opportunity for the board to appoint a new CEO with the right skill set to lead the company on the next phase of its journey.
“I look forward to working with the board and management through this process to support the continued success of Novonix.”
The company has appointed CFO Robert Long as interim CEO, effective 24 January 2025, until a permanent CEO is appointed.
Long will assume the role on a base salary of US$600,000 ($962,760) plus long-term incentives of US$500,000.
However, Novonix says it has begun a search for a new CEO who will be based at the company’s headquarters in Chattanooga. The candidate being sought will have experience in manufacturing, operations and scale-up to lead the company into the planned growth in Novonix’s synthetic graphite production.
Novonix last year secured an offtake agreement with global auto giant Stellantis for its synthetic graphite which will be used in the manufacture of electric vehicles.
The company raised $41.2 million in an oversubscribed share purchase plan earlier this month to purchase, install and commission additional equipment in the company’s Riverside facility at Chattanooga.
“The board of directors would like to thank Dr Burns for his exceptional leadership and dedication in what has been a dynamic market environment,” says Novonix chairman Admiral Robert J Natter.
“The board has great confidence in Mr Long’s ability to continue this strong leadership during the transition period.”
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