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Sue Ozdemir, the CEO of Exro Technologies Inc. (EXRO-T), has stepped down from her role following a bruising period of financial troubles and layoffs at the Calgary-based power electronics company.
She will stay on as a director, according to a Monday morning announcement. Exro is searching for an interim CEO to cover Ozdemir’s position.
Chris Rankin, Exro's strategic advisor, has been named chief restructuring officer. He played critical roles in the restructuring of Torstar Corp. (the publisher of the Toronto Star) and electric micromobility firm Bird Global Inc.
Exro develops and manufactures power electronics for electric vehicles (EVs) and energy storage equipment, supporting clean energy applications. The company’s Coil Driver, for example, allows an electric motor to switch configurations in use, optimizing speed and torque.
Ozdemir is a long-time sales and marketing hand in the motor industry who had served as Exro’s CEO since September 2019. Before Exro, she was the CEO of Wolong Electric America and CEO of GE Small Electric Motors.
Exro’s restructuring
While Ozdemir had been optimistic about the long-term growth of the company due to increasing EV and energy storage adoption, Exro did not see revenue and profits keep up over the years. In Q2, it announced a net loss of $78.9 million against revenue of $2.9 million.
The company pointed its finger at economic headwinds such as tariffs that have contributed to a slowdown in the auto sector and a plodding transition to electric transportation for its woes.
Faced with consecutive quarters of losses, Exro’s stock plunged over 90 per cent from the year prior to $0.02 as of Monday morning.
In light of its problems, Exro secured a loan facility up to US$30 million from a long-term institutional shareholder in May to continue operations and a strategic review process. Options under the review include partnerships, capital restructuring or a merger and acquisition.
Exro said the strategic review is focused on the potential sale of its intellectual property and technology, and possibly certain limited components of its business.
Last week, Exro announced it laid off approximately 60 employees – most in its Cell Driver and Coil Driver units, plus operational support staff in SEA Driver, the company it acquired in 2024.
Exro will need additional financing over the next 12 months “to fund operating activities and strategic initiatives,” the firm said in its Q2 financial results.
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