Dave Shaffer, CEO of US battery company Enersys, announced his retirement in conjunction with the company delivering increased profits in its second quarter results.
The company named Shawn O’Connell, president of its Energy Systems Global division, as successor and appointed him president and COO with immediate effect. The transition will be over the next six months.
O’Connell joined Enersys in 2011 and has held senior positions. In his current role, he cut costs by almost $50 million and previously introduced measures to boost earnings by 20%.
Paul Tufano, Enersys chair, said: “Under Dave’s leadership, Enersys has transformed from a traditional lead-acid battery company with limited scale into a global leader in energy systems solutions, growing revenue by ~35% through strategic acquisitions and groundbreaking product innovations.
“…His efforts have built a unique portfolio of smart battery and energy management technologies, including both lithium-ion and lead chemistries, leaving an indelible mark on the company and our industry.”
Net sales in the quarter dipped 2% to $883.7 million, with continued pressure in communications and Class 8 truck transportation. Net profit rose to $82.3 million from $65.2 million in the same quarter a year earlier.
For the full year fiscal 2025, the company is expecting net sales of $3.68–3.77 billion, slightly down from previous guidance. Earnings will also be slightly lower.
It noted “a continuing spending pause in the Class 8 truck OEM market and near-term macro uncertainty” and said its first Fast Charge & Storage system had been delayed due to installation and site readiness challenges.
It is moving ahead with its lithium-ion gigafactory in Greenville and expects to incur modest related non-capitalisable extra expenses.
“We believe the global concern over energy scarcity will persist as major trends drive a swift rise in the demand for reliable power. As a key provider of energy systems and storage solutions, Enersys is well-positioned to take advantage of this growth opportunity,” it said.
