By Emon Reiser
Shares of Carbon Revolution were on the rise after the manufacturer of carbon fiber car wheels appointed former General Motors vice chairman Bob Lutz to its board of directors.
The stock rose 10.4% to $12.75 in Wednesday afternoon trading. Shares are down more than 44% year to date.
The Australia-based company on Wednesday appointed Lutz chairman of the board, citing his extensive background in the automotive industry. Lutz had served as a director since November 2023, when the company was listed on the Nasdaq. He previously held executive positions at other automotive giants including Ford Motor and Chrysler.
Lutz joins three other U.S.-based automotive executives on the board: Jacqueline A. Dedo, Burt Jordan and Matti Masanovich.
Lutz succeeds James Douglas, who will step down as chair and retire from the board after 12 years with the company. Lucia Cade and Mark Bernhard will also retire.
Chris Leary and Jonathan Magaziner will shortly be appointed to the board as part of the company’s structured equity facility with Orion Infrastructure Capital.
Carbon Revolution last week released preliminary second-quarter results, posting a 177% year-over-year increase in revenue to $14.8 million.
Write to Emon Reiser at [email protected]
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