Lightning eMotors, a provider of zero-emission medium-duty commercial vehicles and electric vehicle technology for fleets, has announced that Chief Financial Officer (CFO) Teresa Covington is retiring, effective Oct. 2. She will continue to be available to the company as needed through March 31, 2023.
“Since joining the Lightning team early last year, Teresa has built a strong finance and accounting organization, establishing solid internal controls and financial planning & analysis processes during a critical period in the company’s history,” said Tim Reeser, CEO of Lighting eMotors. “Her leadership, work ethic and public company experience have established the foundation of financial rigor and systems that are critical for Lightning’s success as we continue to grow the business. I want to thank Teresa for all her work and wish her the very best as she embarks on a new chapter of her life.”
“It has been a privilege to work alongside Tim and the leadership team at Lightning as we built a strong company, introduced new products, and invested for the future. I’m excited to watch the company continue to grow and thrive and I am invested in ensuring there is a smooth transition,” said Covington.
The company also announced that David Agatston has been named to succeed Covington as CFO, beginning Oct. 3. Agatston has more than 25 years of experience in positions in finance, strategic analysis and corporate development. Most recently, he has been providing CFO consulting services as the founder of Devil’s Peak Consulting, and prior to this was a Divisional CFO for the Zayo Group, a provider of mission-critical communications infrastructure to enterprises with large bandwidth requirements. Agatston holds a degree in Electrical and Biomedical Engineering from Duke University and an MBA from the University of Virginia.
Reeser continued, “We are thrilled to welcome an experienced business leader who will continue the progress already underway at Lightning. David’s proven history of driving financial excellence will be vital as we work together to accelerate the company’s growth and drive toward profitability.”
“I am excited to join Lightning eMotors and to work with the team to execute the Company’s strategic plan, accelerate growth, and increase shareholder value,” added Agatston. “I embrace Lightning’s vision of a zero-emission future for commercial vehicles, and I look forward to helping the company achieve that vision.”