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T.J. Rodgers Appointed Enovix Executive Chairman
FREMONT, Calif., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), the leader in the design and manufacture of next generation
About this update from Enovix Corporation
[{"type":"text","content":"FREMONT, Calif., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Enovix Corporation (“Enovix”) (Nasdaq: ENVX), the leader in the design and manufacture of next generation 3D Silicon™ Lithium-ion batteries, today announced that T.J. Rodgers has been appointed Executive Chairman, effective immediately. Rodgers holds 21.4 million shares of Enovix and was a buyer ($3.5 million) in May when the stock dropped into the $8.85 range. Rodgers said, “Our board has by design several successful operating executives, who are committed to spend whatever time is required at Enovix to ensure the Company’s operational success. Our team has and will continue to put in significant extra effort until that task is completed, which it is not. In addition to me, the Enovix board contains Manny Hernandez, formerly the CFO of both Cypress and SunPower; Dan McCranie, formerly the EVP of Cypress Sales and Marketing, and Chairman of both Freescale Semiconductor and ON Semiconductor; and Greg Reichow, former Cypress and SunPower manufacturing executive who built and ran multiple SunPower and Tesla manufacturing plants. We are silicon and Moore’s Law operations people and comprehend the sea-change opportunity Enovix and its technology offer.” Rodgers continued, “Investors might well ask ‘With all that expert help, why did ENVX stock just drop 42%, to $10.74 in the last week, after an unexpectedly poor quarterly report?’ The answer is that we lowered our 2023 revenue projection in a confusing manner that erroneously implied that there were bigger problems with our technology. Our revenue projections were lowered because our Fab-1 manufacturing ramp was delayed in our first year of production. This is an unacceptable execution problem which I will discuss. “However, as I look back on the decisions the company made, I would make the same calls again. For example, when Harrold Rust called me and said that Enovix Fab-1 would be delayed by at least three months due to the COVID-related shipping malaise unless we spent $1.4 million to charter the world’s largest airplane, a Ukrainian AN-124, to fly over 55 tons of Fab-1 equipment to Silicon Valley in one shot, I said, ‘Brilliant, do it.’ Our decision violated our sacred Equipment Procurement Review (EPR) specification by waiving a key milestone called Factory Acceptance Test (FAT), which required that a team of Enovix engineers f...