Reynette Au, the Chair of the Board, expressed gratitude to Cesar Johnston on behalf of the entire Board for his contributions to the company. The announcement did not elaborate on the reason for Johnston’s departure or provide any details on the qualities the Board is seeking in his successor.
In addition to the leadership change, Energous Corp’s financial performance has been less than favorable. According to the company’s financial statements, for the 12 months ending in the third quarter of 2023, Energous Corp recorded a cumulative net loss of $-21 million. This resulted in a negative return on investment (ROI) of -100.75%. This poor performance compares unfavourably to other companies in the Technology sector, as 569 other companies in the sector had a higher return on investment.
Furthermore, Energous Corp’s total ranking in terms of ROI has deteriorated compared to the second quarter of 2023, dropping from 3,796 to 4,215. This decline in ranking indicates that the company’s financial performance has worsened over time.
Given the leadership change and the company’s negative ROI, Energous Corp faces the challenge of finding a new President & CEO who can bring about financial turnaround and steer the company towards profitability.
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