Energy Recovery, Inc. ERII shares are trading lower on Wednesday after the company announced a leadership transition. David Moon has been appointed interim CEO and Bob Mao will remain a member of the Board.
What To Know: Energy Recovery made the announcement after the close of the market on Tuesday. The appointment of Moon as interim CEO was made effective immediately. Pamela Tondreau, current Lead Independent Director, has been elected as the new Chairperson of the Board. The company has begun a thorough search to identify a permanent President and CEO and will utilize the aid of a top executive search firm.
"The Board has firm conviction in Energy Recovery's long-term potential and is confident Mr. Moon is the right leader for this moment of transition, alongside the rest of the management team," said Tondreau. "The Board will work closely with the management team to ensure this transition is seamless for Energy Recovery's shareholders, customers, employees, and suppliers."
Related Link: These Analysts Boost Their Forecasts On Spotify After Q3 Earnings
ERII Price Action: Shares of ERII were down 16.3% at $15.38 at the time of publication, according to Benzinga Pro.
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