- After less than four years in the position
- Praise for Clarke
- Search for a successor
(exechange) — Alameda, California, March 27, 2018 — Steve Clarke, chief executive of Aqua Metals, leaves. As announced by Aqua Metals, Inc. in a news release on Tuesday, March 27, 2018, Stephen (Steve) Clarke leaves his post as Chief Executive Officer at the company with an environmentally friendly process for recovering lead from old batteries after less than four years in the position.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.4 years, according to data compiled by exechange.
Aqua Metals will undertake a search for a successor.
“Recruiting an outstanding CEO to lead the Company as it transitions from a founder-led, development stage organization to a more mature public company”
Clarke’s planned departure from the CEO post is explained as follows. Vincent L. DiVito, an Aqua Metals independent director, said in a fairly blunt statement: “Our search for a new CEO is well underway, and we are committed to recruiting an outstanding CEO to lead the Company as it transitions from a founder-led, development stage organization to a more mature public company.”
Precise information about Clarke’s future plans was not immediately available.
Aqua Metals said: “Aqua Metals, Inc. …, which is proceeding to commercialize a non-polluting electrochemical lead recycling technology called AquaRefining™, today announced that its Board of Directors has approved and is implementing a plan to transition Dr. Stephen Clarke from his current position as President, Chief Executive Officer and Chairman of the Board.”
Share price decline
The change follows a decline in the share price of Aqua Metals, Inc. since March 2017.
In the position of CEO since 2014
Stephen R. Clarke is a co-founder of the company and has served as the Company’s president, chief executive officer and chairman of the Company’s Board since inception in June 2014.
From May 2013 to June 2014, Clarke, along with Mould and others, engaged in research and development that ultimately lead to their development of the AquaRefining process.
From 2008 to May 2013, Clarke was employed as the chief executive officer of Applied Intellectual Capital, Ltd., an Isle of Jersey company co-founded by Clarke in 1999 to engage in the business of incubating and developing electro-chemical technologies.
Clarke holds a Ph.D. in computer simulation and manufacturing management from The University of Aston, UK, a BSc in mechanical engineering from Nottingham Trent University, UK and an MSc/MBA in engineering enterprise management from The University of Warwick, UK.
Read the full story in the exechange report 14.2018 ($).