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ZAP Jonway Fires Chairman, Executives—Probably
An unspecified number of the directors of electric vehicle maker ZAP Jonway SA removed Priscilla Lu as chairman on Dec. 31.
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An unspecified number of the directors of electric vehicle maker ZAP Jonway SA removed Priscilla Lu as chairman on Dec. 31. She is contesting the action.
Lu remains a Zap board member on an interim basis. Director Mark Abdou was appointed interim chairman.
The Santa Rosa, Calif.-based company also dismissed co-CEO Charles Schilling after six months at Zap and Controller Michael Ringstad. The board gave no reason for any of the departures.
In a filing with the Securities and Exchange Commission on Wednesday, Lu alleges that three Zap directors met without a quorum and improperly made the personnel changes.
Zap denies the allegations, telling the SEC that a majority of the seven-member board approved the actions. The company says Lu and "disgruntled former employee" Ringstad are retaliating against the board.
Zap has appointed longtime manager Jeff Schneider as interim president, and named co-CEO Alex Wang as sole chief executive. Wang had been co-chief since 2011 when Zap bought a majority stake in Chinese SUV maker Zhejiang Jonway Automobile Co., which is owned by Wang's family.
Also on Dec. 31, Zap stripped one director of his committee assignments but left him on the board. The company also added two Chinese executives affiliated with Jonway to the board.
Management changes are frequent at Zap. Three senior executives a co-CEO, president and COO have departed since mid-2011.
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