Benzinga | Jul 9, 2021 04:22PM EDT

Energous Says CEO Stephen Rizzone To Retire As President, CEO

Energous Corporation (NASDAQ:WATT), the developer of WattUp(r), a revolutionary wireless charging 2.0 technology, today announced that the Company's President and Chief Executive Officer, Stephen R. Rizzone, has retired from the Company following a leave of absence due to health reasons earlier this year. Rizzone has also relinquished his seat on the Company's Board of Directors.

In April 2021, Energous formed an Office of the CEO, comprised of executive officers Brian Sereda, Senior Vice President and Chief Financial Officer; Cesar Johnston, Chief Operating Officer and Executive Vice President of Engineering; and Neeraj Sahejpal, Senior Vice President of Marketing and Business Development; which reports directly to the Company's Board of Directors. Mr. Rizzone will be available to assist the Office of the CEO in a transitional capacity through the end of August 2021.

"Steve dedicated the last seven years to the Company with the goal of bringing RF-based wireless charging to market," said Dan Fairfax, Chairman of the Board. "On behalf of the Board and all the Company's employees, we want to thank Steve for his efforts and wish him well in his future endeavors."

"Throughout my career, I have always been attracted to companies on the cutting-edge of design and technical leadership," Rizzone said. "I remain very excited for what's next for the Company and will continue to celebrate the team's victories."

A CEO search has been initiated and both internal and external candidates are being considered.