Westport Fuel Systems Inc (USA) (NASDAQ:WPRT) Board of Directors is delighted to announce the appointment of Nancy S. Gougarty as Chief Executive Officer (“CEO“) effective immediately. David R. Demers, Westport’s current CEO, is retiring from the company but will be available to the leadership team in an advisory role through a transition period.
Ms. Gougarty has a long and distinguished career spanning nearly three decades in the transportation-equipment industry that includes senior automotive executive roles with several large automakers and auto-parts companies. She has served as President and Chief Operating Officer of Westport since July of 2013. Before this appointment, Ms. Gougarty was on the Board of Westport from February of 2013 to July of 2013.
“Nancy has proven her ability to work through complex development projects with major global original equipment manufacturers (“OEMs“) with a clear sense of what drives profits,” said Dr. Warren J. Baker, Chairman of the Westport Board. “Her most recent collaborative efforts leading the integration teams following the merger with Fuel Systems Solutions, Inc. highlighted her skill in managing diverse groups across Europe, Asia & North America while stewarding key relationships with suppliers and joint venture partners. She is clearly the right person to lead our newly combined global company going forward.”
“Nancy has the full support of the Board to fulfill her vision for the newly combined company and we are confident in her ability to unite our organization and lead it forward,” stated Mariano Costamagna, Board Director and former CEO of Fuel Systems Solutions, Inc.
“I have had the privilege to witness the vision and leadership of both David and Nancy,” stated Peter Yu, Board Director. “Through his tireless service, David has built a world-class business that is uniquely positioned in an important industry. Nancy is supremely skilled and perfectly positioned to lead Westport at a critical and transformative moment in our history. Today’s changes mark an important milestone in value-creation for all Westport stakeholders.”
“Westport Fuel Systems is at an important point in its evolution and I am excited to take the helm of the global leader in alternative fuel systems,” said Ms. Gougarty. “We’ve earned a reputation for innovation and excellence, and have a tremendous set of industry recognized automotive and industrial brands along with dedicated, passionate employees that I’m honoured to work with. The recently completed merger provides a natural point for us to take stock of our strategy and portfolio as we increase our focus on the operating lines that will drive long-term profitability. Over the coming weeks and months, I look forward to engaging with all of our stakeholders as we shape and implement a strategy that will unlock Westport’s full potential and increase the value we provide for our customers and for our shareholders.”
In addition to her role as CEO, Ms. Gougarty will join the Westport Board of Directors as Mr. Demers steps down from the Board. Mr. Demers has been CEO and a member of the Board since the company was formed in March of 1995.
“I’m both proud and honoured to have been associated with the great people who have been responsible for building Westport into the global organization that it is today,” said Mr. Demers. “Nancy has the leadership and management capabilities needed to guide Westport forward through its next stage of growth. I believe that under her direction the company is in good hands.”
“On behalf of the Westport Board, I’d like to recognize and thank David for his enormous contributions and visionary leadership over the past 20 years,” added Dr. Baker. “As the founding CEO of Westport, his entrepreneurial spirit and unmatched passion have been instrumental in making Westport a technology leader in natural gas transportation. He helped build Westport from the initial research work conducted at the University of British Columbia into a company with global reach, and he fostered an innovative culture that believes in changing the world. Pursuing his vision for the company, Westport developed strong relationships with a number of key global transportation OEMs that have a desire to reduce the environmental footprint of their vehicles. In response, the company demonstrated a consistent track record of bringing new cost-effective clean technology to the marketplace.” (Original Source)
Shares of Westport Innovations closed yesterday at $1.39, up $0.06 or 4.51%. WPRT has a 1-year high of $4.35 and a 1-year low of $1.29. The stock’s 50-day moving average is $1.68 and its 200-day moving average is $2.06.
On the ratings front, Westport has been the subject of a number of recent research reports. In a report issued on June 20, Rodman & Renshaw analyst Amit Dayal initiated coverage with a Buy rating on WPRT and a price target of $5, which implies an upside of 260% from current levels. Separately, on June 1, Canaccord Genuity’s John Quealy reiterated a Hold rating on the stock and has a price target of $5.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Amit Dayal and John Quealy have a total average return of -19.3% and 2.3% respectively. Dayal has a success rate of 31% and is ranked #3881 out of 4075 analysts, while Quealy has a success rate of 50% and is ranked #1033.
Westport Fuel Systems, Inc. engineers, manufactures and supplies alternative fuel systems and components. It offers brands for transportation and industrial applications. The company was founded on June 1, 2016 and is headquartered in Vancouver, Canada.