5 July 2018: Shariq Yosufzai, chairman of the board of Aqua Metals, announced in a letter to shareholders on June 26 that interim CEO Steve Cotton will continue in the post ‘through this crucial time in our evolution’.
He said the search for a CEO would not now continue, and “the search for a company CEO may resume in the future if the board deems it appropriate”.
Steve Cotton had been chief commercial officer with Aqua Metals since January 2015. He left in June 2017 only to return this May.
The letter also confirmed that members of the board would be paid for their work with 50% stock and 50% cash — their agreement to be paid partly in stock signals their belief in the efficacy of the technology and commitment to the company.
“Aqua Metals has recently gone through a substantial amount of transition with significant changes in management and the board,” the letter said.
“We have also reached an important phase as a start-up business as we strive to ramp AquaRefining and build towards launching our technology licensing business.”
Yosufzai also addressed the recent capital raise, which he said was oversubscribed,
“The public stock offering provides two key ingredients, an ample runway to reach our potential and the stability the team needs to focus on the important tasks at hand,” he said.
In April, Frank Knuettel was appointed chief financial officer, replacing Thomas Murphy.
In March, former CEO and co-founder Steve Clarke was, in the firm’s statement of the time, “transitioned” out of the company.