VivoPower assumes management control from US joint venture partner

2020-09-24T20:04:44+10:00

LONDON, June 17, 2020 – VivoPower International PLC (Nasdaq: VVPR) (“VivoPower” or the “Company”), an international solar and critical power services company, announced that it has assumed management control from its joint venture partner ISS in relation to its solar development portfolio in the United States.

Given the focus on revitalizing the US solar portfolio, the Company is also changing the composition of its board, with the appointment of three new non-executive directors, of which two are located in the United States and another in the United Kingdom. At the same time, the current non-executive directors have resigned, although may continue to be involved in different capacities with either VivoPower or its ultimate parent, being AWN Holdings Limited.

“We are very pleased to welcome Matthew Cahir (Washington DC), William Langdon (New York) and Peter Jeavons (London) to the VivoPower board. Matthew has already been advising the company for the last 18 months in relation to its US solar portfolio, William is a highly experienced executive with previous roles as CFO and COO, whilst Peter is a seasoned technology industry executive. Together, they bring a combination of strategic sales, technology and software as well as finance and accounting experience, in both hyper-turnaround and hyper-growth situations and accordingly are fit for purpose for the next stage of the Company’s evolution. Having turned around our Australian operations, we are now focused on doing the same with our US portfolio. We would also like to take this opportunity to extend our gratitude to the outgoing non-executive directors, Shimi Shah, Peter Sermol and Ashwin Roy who have helped to navigate VivoPower through some very challenging times over the past 3 years. We look forward to continuing to work with each of them in the future”, Executive Chairman, Kevin Chin commented.

Read the full press release here.