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ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) ("ElectraMeccanica"), a designer and assembler of electric vehicles, today announced that its CFO, Mark Orsmond will be succeeded, effective immediately, by Stephen Johnston. Orsmond's departure reflects a mutually-agreed transition and allows the outgoing CFO to pursue other interests, while leaving the Company's financial reporting, cost controls and balance sheet in superior condition. Stephen Johnston, with whom Orsmond, ElectraMeccanica's Board and the rest of its management team have been working in a consulting role since June, 2023, now will take on the business's CFO responsibilities. Mr. Orsmond will continue to assist the Company with Johnston's onboarding under a 60-day consulting agreement.
For more information and CEO commentary on EMV's previously-announced, continued exploration of its options, please see the Company's latest CEO letter.
"Mark has been a tremendous asset to the Company and our team since I came on board as CEO last December," said Susan E. Docherty, Chief Executive Officer of ElectraMeccanica. "He joined ElectraMeccanica under its prior management team, and we appreciated his institutional knowledge and eye for highly professionalized financial reporting and cost management. We're extremely grateful for his contributions, and for his willingness to assist with Stephen's onboarding. We wish him and his family the best in their next chapter."
Ms. Docherty continued: "Stephen has proven himself and his value during a complex time for ElectraMeccanica's business, demonstrating the benefits of both his private and public-company prior CFO experiences. My management team and Board are already familiar with him, his capabilities and his skills, and he couldn't be a better fit for us at this time. We're delighted that he's able to fill a critical role so seamlessly."
Mr. Johnston most recently served as the CFO for Ideanomics (NASDAQ:IDEX), a high growth international manufacturer of two- and four-wheeled electric vehicles with operating subsidiaries in seven countries including the US, China and Italy, where he was responsible for acquisition integration as well as streamlining its financial reporting operations. Prior to that, he held CFO positions at Dura Automotive and the North American division of Tower Automotive, Tier-1 auto-industry OEM's. He began his career at KPMG, where he ultimately became a partner focusing on materials and manufacturing for the transportation, automotive, automation, metals and engineered products sectors.
