So, from the announcement:
- "The Company is pleased to announce the appointment of Dr Chris Burns as Chief Executive Officer of the NOVONIX Limited group of companies, bearing the title “Group CEO".
Chris is the co-founder and CEO of NOVONIX Battery Testing Services Inc based in Canada and co-developed the breakthrough Ultra-High-Precision-Coulometry (UHPC) technology with Professor Jeff Dahn. He has also been the COO of the NOVONIX group responsible for the PUREgraphite business in the USA and the Battery Technology Solutions (BTS) business in Canada, for the last three years”.
- "The company is also pleased to announce the appointment of Nick Liveris as Chief Financial Officer of the NOVONIX group of companies, bearing the title “Group CFO Nick has been the operational CFO at PUREgraphite and NOVONIX BTS and VP Business Development for the NOVONIX group for the last three years. ”.
Promotion of the two to the overarching group of companies - makes sense, so far so good.
- "Philip St Baker has retired as Managing Director and resigned from the Board of the Company. Philip will be taking up the role of Chairman of Delta Electricity, a major electricity generation and retail company in NSW, Australia, presently chaired by Trevor St Baker AO, who is replacing Philip on the Board of NOVONIX, as Non-Executive Director. Trevor St Baker AO, is the founder and director of the St Baker Energy Innovation Fund, the major shareholder in NOVONIX."
Bolding is mine. So the son has left, and swapped with Dad, who also happens to control the major shareholder in NVX. The first bit sounds bad, until you understand the second bit.
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"Trevor has over 60 years’ experience in the energy industry, including 23 years in planning and leadership roles within NSW and Queensland Electricity Commissions, 12 years as Principal of ERM Consultants then founding ERM Power Ltd which was acquired by Shell for $617 million in November 2019."
Bolding is mine. Right, so Dad, who looks to have significant experience dealing with the big boys, and has recently steered a company through acquisition, has jumped behind the wheel. Interesting.
The son, who looks to be adept at developing/transforming companies, and has an intimate understanding of NVX technology, has now been put in the Chair of an electrical generation/retail company. Also interesting.
- "Trevor is an investor and director of leading global electric vehicle DC fast charge developer and manufacturer, Tritium Pty Ltd." It was this link with Tritium that first got me onto NVX a year or so ago.
So, Dad is also a director of an EV charger developer & manufacturer.
Go and understand what the St Baker Innovation Fund is doing with companies like Tritium that it owns (eg:
https://acapmag.com.au/2020/07/ev-chargers-for-truck-stops-in-new-deal-with-puma-energy-evie-networks/)
Personally, I don't see this announcement as a cause for concern.
(20min delay)