- Push-out Score determined
- After about a year in the position
- Praise and good wishes for Selwood
- Susan Brennan taking over
(exechange) — Los Angeles, California, August 6, 2021 — Lionel Selwood, chief executive of Romeo Power, leaves. As announced by Romeo Power Inc. in a news release and in a regulatory filing published on Friday, August 6, 2021, Lionel E. Selwood leaves his post as chief executive officer at the provider of battery packs for large-scale transportation vehicles after about a year in the role, effective August 16, 2021.
Lionel Selwood’s duties as CEO will be taken over by Susan S. Brennan, most recently Chief Operations Officer at Bloom Energy Corporation.
It is a reverse generational change. Susan Brennan is about 26 years older than Lionel Selwood.
Already a director
Brennan is already a director of Romeo Power. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Brennan understands the expectations and dynamics of the board and has knowledge of Romeo Power’s organization, risk-management practices and strategy.
“To pursue new opportunities”
Lionel Selwood’s departure from the CEO post is explained as follows. Romeo Power said: “Ms. Brennan is succeeding Lionel Selwood, Jr., who is stepping down as President and CEO and as a member of the Company’s Board to pursue new opportunities.”
Precise information regarding Lionel Selwood’s future plans was not immediately available.
Romeo Power said: “Lionel E. Selwood, Jr. has resigned as President and Chief Executive Officer and as a director of the Company, effective August 16, 2021.”
“Not due to any disagreement”
“Mr. Selwood’s decision to resign as a director of the Company was not due to any disagreement with the Company relating to the Company’s operations, policies or practices,” Romeo Power said.
Share price decline since January 2021
The announcement follows a decline in Romeo Power Inc.’s share price of 64% since January 2021.
Chaired by Robert Mancini
Robert Mancini serves as Romeo Power Inc.’s Chairman.
Mancini has been RMG’s Chief Executive Officer and a director of RMG since its inception. Mancini serves as chairman of Romeo Power’s board of directors.
In the position of CEO since 2020
Lionel Selwood became CEO of the Company in 2020.
Selwood will serve as senior advisor and consultant to the Company to facilitate a smooth leadership transition.
Selwood is the Company’s President and Chief Executive Officer and has served as a member of the Company’s Board of Directors since December 2020.
Selwood is an accomplished Product Management Leader with expertise in Operations Management, Financial Management, Lean Six Sigma, Supplier Development, Strategic Sourcing and Product Quality Management.
Since 2016, Selwood has held various roles at Legacy Romeo: from December 2016 to June 2018, he served as Vice President of Engineering Operations and Global Procurement; from June 2018 to February 2019, he served as Chief Operating Officer; from February 2019 to September 2020, he served as President and General Manager of North America; and since September 2020 he has served as Chief Executive Officer. Prior to Legacy Romeo, from November 2015 to December 2016, Selwood was Purchasing Manager of Powertrain, Battery & Thermal Systems at Faraday Future. Selwood has also held various roles at SpaceX and General Electric.
Selwood holds a B.Sc. in Mechanical Engineering from Syracuse University and M.P.S. in Supply Chain Management from The Pennsylvania State University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Lionel Selwood’s move on a scale of 0 to 10.
exechange reached out to Romeo Power and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2021 ($).