Gogoro CEO resigns from the company
The company has been struggling for some time, as the Tapei Times writes, stating that “Losses ballooned from US$5.6 million in the second quarter last year to US$20.1 million for the same period this year. Gross margin also plunged from 15.2 per cent a year ago to 5.2 per cent last quarter.”
The board of directors has nominated Reuntex Group general counsel Tamon Tseng to step up as the company’s new chairman, Gogoro said in a statement. The Ruentex Group is Gogoro’s biggest stakeholder.
“After much reflection, I have made the difficult decision to step down from my role as CEO and chairman of Gogoro. This decision has not been easy, but I believe it is the right time for the company and I to transition leadership as we embark on the next phase of growth,” the now-former CEO wrote in an internal email to Gogoro employees. “My confidence in Gogoro’s bright future remains steadfast. I will always be Gogoro’s biggest advocate, and I look forward to seeing the company continue to grow and succeed from a new vantage point.”
The news that the company is struggling so badly is somewhat surprising, as Gogoro had announced its launch to a new market in July with Singapore. In June, Gogoro announced an investment of US$50 million from Castrol. At the end of 2023, Gogoro launched in India.
This last week has been damning for Gogoro, as the Taipei Times report states: “Gogoro’s stock price has tumbled about 92 per cent from its closing price of US$14.02 during its IPO in 2022 to US$1.05, indicating that investors have lost confidence in the company’s prospects.” An investigation has also been launched by the Ministry of Economic Affairs about Gorogo’s alleged subsidy fraud.
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