ChargePoint CFO assumes additional role as accounting officer

ChargePoint (NYSE:CHPT) Holdings, Inc. (NYSE:CHPT), a leader in electric vehicle charging infrastructure currently trading at $1.14 per share, announced a change in its executive team with the departure of its Chief Accounting Officer, Henrik Gerdes, on Thursday. The company, which has seen its stock decline over 55% in the past year, faces significant challenges as InvestingPro data shows it's quickly burning through cash. Gerdes' resignation, effective immediately, is not due to any disagreements with the company's financial operations, policies, or practices.

Following Gerdes' exit, Mansi Khetani, who currently serves as ChargePoint's Chief Financial Officer, has been appointed as the principal accounting officer, effective the same day. Khetani will retain her role as CFO alongside her new responsibilities, taking helm of the company's finances at a crucial time when analysts have revised earnings downward for the upcoming period. The company disclosed no new compensation arrangements for Khetani in relation to her expanded role.

The announcement came through a regulatory filing with the Securities and Exchange Commission. ChargePoint emphasized that there are no familial ties between Khetani and any other company executives or directors, and she is not involved in any transactions with the company that would necessitate additional disclosure.

Khetani's experience and previous roles with ChargePoint were detailed in a prior SEC filing on November 16, 2023. She will continue to partake in the company's employee benefit plans and existing compensation arrangements, as outlined in the Proxy Statement for ChargePoint's 2024 Annual Meeting of Stockholders, filed on May 24, 2024.

The company, headquartered in Campbell, California, is categorized under the Miscellaneous Transportation Equipment sector and operates under the symbol CHPT on the New York Stock Exchange.

With a market capitalization of $502 million and current ratio of 1.94, InvestingPro analysis indicates the company is currently undervalued, despite facing operational challenges with a -20.7% revenue decline in the last twelve months. This latest development in ChargePoint's executive team was formally filed on December 19, 2024, and is based on a press release statement.

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