Silicon battery maker Enovix tapped Farhan Ahmad to replace CFO Steffen Pietzke, who is stepping down from the position effective July 9, but will stay on for up to six months to help with the transition, the company announced Thursday. Pietske has been finance chief for just over two years, according to his LinkedIn account.
The Fremont, California-based company in a filing with the Securities and Exchange Commission said Pietzke’s decision to resign was not a result of any disagreement with the company over its operations, policies or practices.
The change in leadership comes just days after Enovix announced it received a purchase order to produce battery cells for the U.S. Army, marking its commitment to producing commercial cells for soldiers that could yield longer lasting and lighter battery packs, according to a company press release. Currently, U.S. Army soldiers carry over 60 pounds of gear, including batteries, the company said.
Ahmad worked at the Boise, Idaho-based semiconductor-maker Micron Technologies from 2018 through June, holding such positions as vice president of investor relations and finance strategy as well as senior director, head of investor relations, according to the SEC filing. His experience also includes a stint as senior analyst in semiconductor research at Credit Suisse, and he held various positions at the Santa Clara, California-based semiconductor equipment manufacturer Applied Materials.
Ahmad will receive an annual base salary of $380,000 and will be eligible for an annual discretionary cash bonus with a target of 60% of this base salary, according to the SEC filing. He was also granted a restricted stock unit for shares of the company valued at $4 million contingent upon the start of his employment which will vest over time.
Pietzke will receive cash severance equal to nine months of his base salary payable in installments, payments for continued health coverage, under COBRA for nine months or a taxable payment in lieu of it, an acceleration of the vesting of certain shares, and a pro-rated amount of his target bonus, the filing states.
“Steffen has been instrumental through major financial events including taking Enovix public and we are thankful for his service,” Enovix CEO Dr. Raj Talluri stated in the release. “I am pleased Farhan will join the company. He brings financial leadership expertise, most recently at Micron, where he helped shape the company’s strategic roadmap.”
Enovix shares have risen about 37% this week to $18.08 in later afternoon trading Friday.