Charge Enterprises Inc (fka CRGEQ)

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Out Fox'd- Charge Enterprises Announces Leadership Change

Craig Denson appointed Interim Chief Executive Officer; draws on seasoned internal talent to propel long-term strategic vision and guide Company through leadership transition

Company Founder, Andrew Fox resigns as Chief Executive Officer; stays on as board member

Company announces new fundamental objectives, including development of strategic plan

NEW YORK, August 29, 2023--(BUSINESS WIRE)--Charge Enterprises, Inc. (Nasdaq: CRGE) ("Charge" or the "Company"), today announced that the Board of Directors of the Company (the "Board") has appointed Craig Denson, Charge’s current Chief Operating and Compliance Officer, as Interim Chief Executive Officer, effective August 31, 2023. This appointment follows Andrew Fox’s decision, made with the Board’s agreement, to resign from his role as CEO and Chairman of the Board. In conjunction with this strategic decision, Amy Hanson, current Chair of the Audit Committee and Lead Independent Director, will assume the responsibilities of Chairperson. Mr. Fox will continue to serve as a director on the Board and will also serve as a strategic advisor to the Board, drawing upon his history with the Company and experience in the industry.

"On behalf of the entire Board, we extend our gratitude to Mr. Fox for his pivotal role in setting the groundwork that forms the foundation of our Company. We look forward to continuing to benefit from his entrepreneurial vision and passion in the electric vehicle charging infrastructure space," said Amy Hanson.

"Leading Charge Enterprises has been a privilege, and I am proud of everything we have built. The Company’s forward momentum is paramount to me, and I believe Craig, given his operational and public company management experience, is exactly the type of executive to lead Charge during this interim period as we look to capitalize on the tremendous opportunities that lie ahead," said Andrew Fox.

Mr. Denson has cultivated an impressive 35-year career predominantly within the technology and telecommunications sectors. He has assumed diverse leadership roles at a range of global companies, including serving as Chief Operating Officer and as a board member at Charge. During his tenure with Charge, he has also held the roles of Chief Compliance Officer, Interim Chief Financial Officer, and Secretary. Prior to its acquisition by Charge Enterprise, Mr. Denson served as the President and CEO of PTGi International Carrier Services, Inc. Previously, he served as President and COO of Sigma Software Solutions, Vice President and General Manager of ACS Canada and held various roles with PepsiCo.

"I am honored by the Board’s trust in me during this critical time for Charge. We believe there are significant opportunities for Charge within the energy and broadband infrastructure industries. Our recent acquisition of Greenspeed furthers our goal of competing on a national scale within EV charging infrastructure and provides Charge with a geographic footprint and capabilities within a variety of customer and product verticals, such as monitoring and maintenance, and solar and energy storage. With a firm commitment to improved financial performance, we reaffirm our expectation of positive adjusted EBITDA in the first quarter of 2024. Our focus on expanding revenue streams underscores our dedication to diversification, growth, and innovation to increase shareholder value," said Craig Denson. "Against a backdrop of industry-wide challenges and opportunities, the entire management team is dedicated to aligning on and sharing a coordinated, cross-business strategic plan, ensuring transparency, and driving accountability."

Alongside this leadership transition, Charge is also committing to three fundamental objectives to steer the Company’s future growth and set the foundation to deliver shareholder value through profitability along with the growth of Charge’s monthly recurring revenue base of business:

Comprehensive Strategic Plan: The assessment and development of our plan will include a thorough evaluation of our business segments, competitive analysis of the external environment, alignment of our organic growth and M&A strategy, and effective allocation of capital. As part of this plan, management and the Board will evaluate our talent, succession planning, and corporate governance, making the appropriate enhancements and implementing a framework for accountability.

Robust Communication Framework: We are resolute in our commitment to instituting a robust framework for external communication, fostering transparency and disseminating updates on our progress towards strategic milestones.

Synergistic Subsidiary Integration: In conjunction with the recent acquisition of Greenspeed, we will deploy initiatives that are geared towards integrating our products and services across our Infrastructure operating subsidiaries while driving cost synergies across the organization. This strategic objective is aimed at nurturing cross-functional collaboration and facilitating full utilization of our existing internal capabilities, propelling us towards scalability and profitability.

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