Benzinga | Nov 1, 2021 11:05AM EDT

XL Fleet Appoints Eric Tech As CEO; Expects Supply Chain Issues To Impact Q3 Revenue

* XL Fleet Corp (NYSE:XL) has appointed automotive and mobility sector veteran Eric Tech as the Chief Executive Officer (CEO), effective December 1, 2021.

* XL Fleet noted Tech brings nearly 35 years of automotive and mobility industry experience and has held senior leadership positions at Navistar International Corp and Ford Motor Co (NYSE:F).

* Tech succeeds Dimitri Kazarinoff, who is stepping down from his position as CEO to pursue other career opportunities.

* XL Fleet also reported preliminary Q3 results, negatively impacted by ongoing supply chain issues, including microchip shortages and lack of new fleet chassis, combined with the timing of completion for certain projects for XL Grid.

* It expects Q3 FY21 revenue of about $3.2 million, below the consensus of $6.34 million.

* XL Fleet expects to report cash and cash equivalents of $367 million as of September 30, 2021.

* Price Action: XL shares are trading higher by 1.64% at $5.57 on the last check Monday.