Flux Power Appoints Kevin Royal as Chief Financial Officer
February 26 2024 - 8:31AM
Business Wire
Veteran Financial Leader to Fortune 500
Technology Companies to Lead Next Phase of Company Growth
Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of
advanced lithium-ion energy storage solutions for electrification
of commercial and industrial equipment, today announced the
appointment of Kevin Royal, CPA, a seasoned finance and accounting
executive, as Chief Financial Officer of the Company, replacing
Chuck Scheiwe as part of a planned transition given the Company’s
strong financial performance and inflection point. Mr. Scheiwe will
remain with Flux Power in a consulting role for the near term to
help facilitate the transition.
Kevin Royal brings over 20 years of experience as a Chief
Financial Officer for four publicly traded companies, with
oversight of Finance, Accounting, IT, HR, Legal, Investor
Relations, and M&A. He has a history of demonstrated
achievements contributing to superior corporate performance through
expert alignment of financial initiatives and operational goals
with organizational objectives. Before joining Flux Power, Kevin
was Executive Vice President and CFO for Zovio Inc. (formerly
Bridgepoint Education) where he led vision, strategy, and execution
for all facets of corporate finance and accounting. Previously he
was Senior Vice President and CFO of Maxwell Technologies, a
publicly traded developer and manufacturer of energy storage and
power delivery products for automotive, heavy transportation,
renewable energy, wireless communications, and industrial and
consumer electronics applications. There he introduced product cost
reduction and pricing controls that substantially increased gross
profit margins from the sale of the company's energy storage, power
delivery, and radiation-mitigated microelectronic products. He also
served as CFO at Blue Coat Systems and Novellus Systems. Kevin
holds a Bachelor of Business Administration, Accounting, from
Harding University and is a Certified Public Accountant.
As Chief Financial Officer of Flux Power, Mr. Royal will provide
financial leadership to assist in building on the Company's goal of
delivering value to its shareholders by implementing short, medium
and long-range financial planning, budget development, risk
management, corporate strategic development, system implementation,
process improvement, regulatory compliance reporting, financial
reporting for management, internal controls and tax advice.
“On behalf of our board and management team, I would like to
welcome Kevin as our Chief Financial Officer, and we are privileged
to have someone of his caliber and financial skill set serve as our
CFO,” said Ron Dutt, Flux Power Chief Executive Officer. “I would
like to thank Chuck for successfully leading the finance team and
for his contribution in helping move Flux Power to this inflection
point. We now look forward to leveraging Kevin’s expertise in
energy storage and power delivery products. His achievements as
well as expertise in financial management of listed companies will
make a significant contribution to the strategic operation and
development of our company going forward.”
Mr. Royal added, “I am excited to be appointed as CFO as we
prepare Flux Power for the future with a pipeline of orders and new
customer opportunities that, combined with cash profitability
improvement initiatives, is leading the company toward near-term
profitability. I look forward to working with Ron, the senior
leadership team, and our finance team as we continue to execute on
our strategic and financial priorities and our commitments to all
shareholders.”
About Flux Power Holdings, Inc.
Flux Power (NASDAQ: FLUX) designs, manufactures, and sells
advanced lithium-ion energy storage solutions for electrification
of a range of industrial and commercial sectors including material
handling, airport ground support equipment (GSE), and stationary
energy storage. Flux Power’s lithium-ion battery packs, including
the proprietary battery management system (BMS) and telemetry,
provide customers with a better performing, lower cost of
ownership, and more environmentally friendly alternative, in many
instances, to traditional lead acid and propane-based solutions.
Lithium-ion battery packs reduce CO2 emissions and help improve
sustainability and ESG metrics for fleets. For more information,
please visit www.fluxpower.com.
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Media & Investor Relations: media@fluxpower.com
info@fluxpower.com External Investor Relations: Chris Tyson,
Executive Vice President MZ Group - MZ North America 949-491-8235
FLUX@mzgroup.us www.mzgroup.us
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