Veteran finance leader from Fortune 500 technology company leads company's next phase of growth
Vista, California, February 26, 2024–(Business Wire)–Flux Power Holdings Co., Ltd. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for the electrification of commercial and industrial equipment, today announced that Kevin Royal, CPA, an experienced finance and accounting executive, has joined the company. announced that he has been appointed to succeed him as Chief Financial Officer. The appointment of Chuck Scheiwe is part of a planned transition that takes into account the company's strong financial performance and inflection points. Mr. Scheiwe will take on a consulting role with Flux Power in the near term to help facilitate the transition.
Kevin Royal has over 20 years of experience as a Chief Financial Officer for four publicly traded companies, overseeing finance, accounting, IT, human resources, legal, investor relations, and M&A. He has a proven track record of contributing to superior corporate performance by expertly aligning financial initiatives and operational and organizational objectives. Prior to joining Flux Power, Kevin served as Executive Vice President and CFO of Zovio Inc. (formerly Bridgepoint Education), where he led the vision, strategy, and execution of all aspects of corporate finance and accounting. Previously, he was a senior vice president at Maxwell Technologies, a publicly traded company that develops and manufactures energy storage and power delivery products for automotive, heavy transportation, renewable energy, wireless communications, industrial and consumer electronics applications. He served as president and CFO. There, he introduced product cost reductions and price controls that significantly increased the company's gross margins from sales of energy storage, power delivery, and radiation mitigation microelectronic products. He also served as CFO at Blue Coat Systems and Novellus Systems. Kevin holds a bachelor's degree in business administration and accounting from Harding University and is a certified public accountant.
As Chief Financial Officer of Flux Power, Mr. Royal will provide financial leadership and deliver value to shareholders by implementing short, medium and long term financial planning, budgeting, risk management and corporate strategy development. Help us build on our goal of , system implementation, process improvement, regulatory compliance reporting, management financial reporting, internal controls, and tax advice.
“On behalf of our Board and management team, I would like to welcome Kevin as our Chief Financial Officer,” said Ron Dutt, CEO of Flux Power. I am honored to have such a talented individual as CFO.” board member. “I would like to thank Chuck for successfully leading the finance team and helping bring Flux Power to this turning point. We now look forward to leveraging Kevin’s expertise in energy storage and power delivery products. I look forward to working with him. His accomplishments and expertise in the financial management of publicly traded companies will make a significant contribution to our strategic operations and development going forward.”
Royal added: “As we prepare for FluxPower's future with an order pipeline and new customer opportunities that, combined with our efforts to improve cash profitability, will position the company to improve near-term profitability. , I am excited to be named CFO.” I look forward to working with Ron, the senior management team, and the finance team to continue to execute on the company's strategic and financial priorities and commitments to all shareholders. ”
About Flux Power Holdings Co., Ltd.
Flux Power (NASDAQ: FLUX) designs, manufactures and manufactures advanced lithium-ion energy storage solutions for the electrification of a variety of industrial and commercial sectors, including material handling, airport ground support equipment (GSE), and stationary energy storage. On sale. Flux Power's lithium-ion battery packs, which include a proprietary battery management system (BMS) and telemetry, often provide a better performance, lower cost of ownership, and greener alternative to traditional lead-acid or propane-based batteries. provide products to customers. solution. Lithium-ion battery packs reduce CO2 emissions and help improve vehicle sustainability and ESG metrics. For more information, please visit www.fluxpower.com.
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