Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Interim Chief Executive Officer
On June 12, 2022, the board of directors (the "Board") of Volta Inc., a Delaware
corporation (the "Company"), approved the appointment of Vincent T. Cubbage to
the position of Interim Chief Executive Officer of the Company effective as of
June 13, 2022.
Mr. Cubbage, age 57, most recently served as Director and Co-Chairperson of the
Board. He has served on the Board since the closing (the "Closing") of the
business combination in August 2021 (the "Business Combination") with the
Company's predecessor, Tortoise Acquisition Corp. II ("Tortoise Corp II"), and
served as Chief Executive Officer and Chairman of Tortoise Corp II from July
2020 until the completion of the Business Combination. Mr. Cubbage has served as
Chief Executive Officer and Chairman of the board of directors of TortoiseEcofin
Acquisition Corp. III since February 2021. Mr. Cubbage served as Chief Executive
Officer and Chairman of Tortoise Acquisition Corp. from March 2019 to the
completion of its initial business combination with Hyliion Inc. on October 1,
2020, and he continues to serve on the board of directors of Hyliion Holdings
Corp. He has served as Managing Director - Private Energy of TortoiseEcofin
since January 2019. Mr. Cubbage served as the Founder and Chief Executive
Officer of Lightfoot Capital Partners from its formation in 2006 through its
wind up in December 2019. He served as Chief Executive Officer and Chairman of
the general partner of Arc Logistics Partners LP (NYSE: ARCX), from October 2013
to the date of its sale in December 2017. Prior to founding Lightfoot Capital,
Mr. Cubbage was a Senior Managing Director in the Investment Banking Division of
Banc of America Securities from 1998 to 2006; and prior to that was a Vice
President at Salomon Smith Barney where he worked from 1994 to 1998. Mr. Cubbage
received an M.B.A. from the American Graduate School of International Management
and a B.A. from Eastern Washington University.
There are no arrangements or understandings between Mr. Cubbage and any other
person pursuant to which Mr. Cubbage was appointed to serve as Interim Chief
Executive Officer of the Company. There are no family relationships between Mr.
Cubbage and any director or executive officer of the Company, and Mr. Cubbage
has no direct or indirect material interest in any transaction required to be
disclosed pursuant to Item 404(a) of Regulation S-K.
Chief Commercial Officer
On June 12, 2022, the Board promoted Brandt Hastings to the position of Chief
Commercial Officer of the Company effective as of June 13, 2022.
Mr. Hastings, age 42, most recently served as Interim Chief Executive Officer of
the Company, and he served as the Chief Revenue Officer of the Company from
November 2020 until his appointment as Chief Commercial Officer. Prior to
joining Volta, Mr. Hastings served as Senior Vice President of iHeartMedia Inc.
from April 2014 to October 2020. Prior to that, Mr. Hastings worked at Clear
Channel International, a marketing and advertising company, where he served as
Vice President from September 2007 to April 2014, Senior Account Executive from
2005 to 2007 and Account Executive from 2002 to 2005. Mr. Hastings holds a
bachelor's degree in management and Spanish from Gettysburg College.
There are no arrangements or understandings between Mr. Hastings and any other
person pursuant to which Mr. Hastings was appointed to serve as Chief Commercial
Officer of the Company. There are no family relationships between Mr. Hastings
and any director or executive officer of the Company, and Mr. Hastings has no
direct or indirect material interest in any transaction required to be disclosed
pursuant to Item 404(a) of Regulation S-K.
Board of Directors
On June 12, 2022 the Board approved the appointment of Katherine J. Savitt to
the position of sole Chairperson of the Board.
During his service as Interim Chief Executive Officer of the Company, Mr.
Cubbage will not serve as Co-Chairperson of the Board or as a member of the
Nominating and Corporate Governance Committee or the Audit Committee of the
Board. Effective as of June 13, 2022, Bonita C. Stewart was appointed as Chair
of the Nominating and Governance Committee of the Board and as a member of the
Audit Committee of the Board.
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Item 8.01. Other Events.
On June 13, 2022, the Company issued a press release announcing certain
leadership changes. A copy of the press release is filed herewith as Exhibit
99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
99.1 Volta Inc. Press Release dated June 13, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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