Enova Systems, Inc. (ENV.L), a developer of power train systems and related components, on Wednesday said it appointed John Micek as President and Chief Executive Officer. This is in addition to his current service as a director and as Chief Financial Officer, Treasurer and Secretary of Enova. The shares plunged around 40 percent in the morning trade on London Stock Exchange.
In the new roles, Micek succeeds Mike Staran, who resigned in mid June as president and CEO to pursue other business interests.
On June 21, Enova had trimmed more than 80 percent of its workforce as it expects the reductions in spending to help it continue trading. The company had noted that revenues are continuing to fall significantly due to delays in adoption of its technology.
Micek, 59, was re-appointed to Enova's Board of Directors in 2007 and was appointed in his current roles in January 2011. He previously served on the Board between April 1999 and July 2005.
Earlier, he was with Silicon Prairie Partners, LP, a family-owned venture fund, and Verdant Ventures, a merchant bank.
In connection with his new appointments, the company on Tuesday agreed to grant Micek a stock option exercisable for three years from the date of grant to purchase 4.4 million Enova shares.
In London, Enova shares are currently trading at 2.39 pence, down 1.61 pence or 40.31 percent.
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