Envirotech Vehicles Inc. of Osceola (Nasdaq: EVTV) has parted ways with the executive who oversaw efforts to fix deficiencies in the company’s financial disclosure controls last year.
The electric vehicle maker and CFO Douglas Campoli “mutually agreed” that he would step down from the role on Feb. 23, according to a Form 8-K filed with the U.S. Securities & Exchange Commission.
Campoli joined Envirotech from electric vehicle maker Arcimoto Inc. of Eugene, Oregon, where he was CFO and treasurer for nearly eight years. His tenure at Envirotech lasted just 10 months.
Envirotech appointed Franklin Lim to replace Campoli. Lim, 62, has been the company’s controller since April. He previously worked for Arcimoto, serving as the company’s corporate controller. Lim began his career as a tax accountant at Deloitte & Touche in 1989.
Campoli’s exit comes after publicly traded Envirotech refiled financial results that were incorrectly reported under his predecessor, Christian Rodich. The company misstated sales revenue and cost of sales in each of the first three quarters of 2022. Amended results showed wider losses for the company than first reported.
Nasdaq in 2023 extended deadlines for Envirotech to file quarterly results while the Osceola company worked to fix errors in previous reports.
Envirotech’s most recent financial results, filed in October, said the company had yet to fully resolve issues that contributed to past inaccuracies. The company said it had been unable to “maintain levels of segregation of duties” for adequate financial controls, which it blamed on staff reductions and voluntary resignations.
The company has declined interview requests concerning its accounting errors and executive changes.
Shares of the company have risen 125% this year to $2.84.
Sign up for Daily E-news
