- After less than two and a half years in the position
- Praise and thanks for Norell
- Elimination of dual Chief Executive Officer role
- Gregg Felton becomes sole Chief Executive Officer
- Norell said 68 words
(exechange) — Stamford, Connecticut, April 29, 2024 — Lars Norell, co-chief executive of Altus Power, leaves his position. As announced by Altus Power Inc. in a news release and in a regulatory filing published on Monday, April 29, 2024, Lars R. Norell has left his post as co-chief executive officer at the solar power specialist, after less than two and a half years in the role, effective April 26, 2024.
Generally speaking, it raises questions when a co-CEO leaves his post abruptly and after a short tenure.
Altus Power eliminates the dual Chief Executive Officer role. Gregg J. Felton will be sole Chief Executive Officer.
No reason given
In the announcement, Altus Power did not explicitly explain the reason for the move.
Precise information regarding Lars Norell’s future plans was not immediately available.
“Resignation”
Altus Power said: “[T]he Board of Directors has accepted the resignation of Lars Norell as a co-CEO and as a director of the Company, effective April 26, 2024, and has appointed Gregg Felton as sole Chief Executive Officer of the Company. Mr. Felton will assume all of the duties formerly performed by Mr. Norell.”
“No disagreements”
Altus Power stated, regarding the change: “There were no disagreements between the Company and Mr. Norell that led to his decision to resign as Co-Chief Executive Officer and a director of Altus Power.”
Share price decline since April 2022
The announcement follows a decline in Altus Power Inc.’s share price of 52% since April 2022.
In the position of co-CEO since 2021
Lars Norell became co-CEO of the Company in 2021.
Norell has served as a member of the Company’s Board since December 2021.
Norell is a Co-Founder of Altus and has been with Altus since 2009.
Previously, Norell was a Principal and Managing Director at Cohen & Company where he served as Head of Capital Markets and subsequently led the Alternative Assets effort.
Prior to joining Cohen & Company in February of 2006, Norell was a Managing Director and Co-Head of US Structured Credit Products at Merrill Lynch.
Before that he was a Vice President and investment banker in the Credit Products Group at Credit Suisse.
Norell currently serves on the board of directors of EDLY Inc., a marketplace for income share agreements.
Norell began his career as an attorney at Cadwalader, Wickersham & Taft in 1998.
Norell earned his BSBA from the International University of Monaco in France and a J.D. from the University of Virginia School of Law.
68 words by Lars Norell
In the release announcing his departure as co-CEO of Altus Power Inc., Lars Norell received praise and thanks.
In the release announcing his departure as co-CEO, Lars Norell said 68 words.
“Incredible journey”
Lars Norell stated: “It’s been an incredible journey since the founding of Altus Power 15 years ago and the Company’s vision to deliver clean power to its customers is as relevant today as it was when we started. It’s been a privilege collaborating with Gregg to assemble this team; his exceptional talent and drive position him perfectly to continue to grow the Company. My experience at Altus Power has been invaluable.”
The above text is an excerpt from the exechange report 19.2024 ($), publication date May 6, 2024.