- After less than three years in the position
- Praise and thanks for Fox
- Craig Denson taking over temporarily
- Fox said 61 words
(exechange) — New York, August 29, 2023 — Andrew Fox, chief executive of Charge Enterprises, leaves his position. As announced by Charge Enterprises Inc. in a news release and in a regulatory filing published on Tuesday, August 29, 2023, Andrew Fox leaves his post as chief executive officer at the electrical, broadband and EV charging infrastructure company, after less than three years in the role, effective August 31, 2023.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
Andrew Fox’s duties as CEO will be taken over temporarily by Craig Denson, currently Chief Operating and Compliance Officer at Charge Enterprises Inc., as Interim Chief Executive Officer.
“Ensuring transparency, and driving accountability”
Charge Enterprises did not give an explicit reason for Andrew Fox’s departure from the CEO post. Craig Denson stated: “Against a backdrop of industry-wide challenges and opportunities, the entire management team is dedicated to aligning on and sharing a coordinated, cross-business strategic plan, ensuring transparency, and driving accountability.”
Precise information regarding Andrew Fox’s future plans was not immediately available.
“Resign”
Charge Enterprises said: “Charge Enterprises, Inc. (Nasdaq: CRGE) (“Charge” or the “Company”), today announced that the Board of Directors of the Company (the “Board”) has appointed Craig Denson, Charge’s current Chief Operating and Compliance Officer, as Interim Chief Executive Officer, effective August 31, 2023. This appointment follows Andrew Fox’s decision, made with the Board’s agreement, to resign from his role as CEO and Chairman of the Board. In conjunction with this strategic decision, Amy Hanson, current Chair of the Audit Committee and Lead Independent Director, will assume the responsibilities of Chairperson.”
Share price decline since August 2022
The announcement follows a decline in Charge Enterprises Inc.’s share price of 80% since August 2022.
In the position of CEO since 2020
Andrew Fox became CEO of the Company in 2020.
Fox will continue to serve as a director on the Board and will also serve as a strategic advisor to the Board, drawing upon his history with the Company and experience in the industry.
Andrew Fox has been the Chairman of the Board of Charge Enterprises, Inc. since September 2021 and the Chief Executive Officer and a Director since October 2020.
Fox is the founder and had been Chief Executive Officer of GetCharged, Inc. from its formation in 2018 until its acquisition by the company.
Fox has simultaneously served as a managing partner of Alliance Building Services since 2003. He is also the Chairman of @allthingsgood, a media network that focuses on sharing positive news since 2020. Fox is a serial entrepreneur with over two decades of experience.
He is the Founder of 3-G Communications, a cellular tower leasing and financing firm, Way Communications, an Internet Service Provider, Track Entertainment and is a Co-Founder of YJP.org.
Fox has been an active member of YPO, the global leadership community of extraordinary chief executives, since 2004.
Fox is also on the Board of Directors for the Conrad Foundation, which challenges high school students to solve 21st-century problems using science and technology and was the President of the Chairscholars Foundation from 1999-2011.
Fox received his Bachelor of Business Administration in Accounting from Adelphi University in 1995.
61 words by Andrew Fox
In the release announcing his departure as CEO of Charge Enterprises Inc., Andrew Fox received praise and thanks.
In announcing his departure, Andrew Fox said 61 words.
“Capitalize on the tremendous opportunities that lie ahead”
Andrew Fox stated: “Leading Charge Enterprises has been a privilege, and I am proud of everything we have built. The Company’s forward momentum is paramount to me, and I believe Craig, given his operational and public company management experience, is exactly the type of executive to lead Charge during this interim period as we look to capitalize on the tremendous opportunities that lie ahead.”
Push-out Score for Andrew Fox’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Andrew Fox was pushed out or felt pressure to leave his position.
exechange reached out to Charge Enterprises and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 36.2023 ($).