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Why Energy Recovery Investors Are Feeling the Heat Today

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Energy Recovery, Inc. (NASDAQ: ERII) shares took a tumble today as the company announced a leadership transition. The news of David Moon being appointed as interim CEO and Bob Mao remaining on the Board sent shockwaves through the market.

Here’s what you need to know: Energy Recovery made the announcement after the market closed yesterday. The appointment of Moon as interim CEO was immediately effective. Pamela Tondreau, the current Lead Independent Director, has been elected as the new Chairperson of the Board. The company has already begun an exhaustive search to find a permanent President and CEO by enlisting the help of a top executive search firm.

β€œThe Board has a strong belief in Energy Recovery’s long-term potential and has full confidence in Mr. Moon’s leadership abilities during this transition,” said Tondreau. β€œThe Board is committed to working closely with the management team to ensure a seamless transition for Energy Recovery’s shareholders, customers, employees, and suppliers.”

Unfortunately, this latest development has taken its toll on the stock price. Shares of ERII are down 16.3% at $15.38 at the time of publication, according to Benzinga Pro.

Image by Michal Jarmoluk from Pixabay

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