Grace Noto
5 min read
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Battery maker Eos Energy terminated the employment of its CFO, Eric Javidi on Tuesday “effective immediately,” according to a securities filing, approximately three months after Javidi first assumed the company’s top finance seat. Javidi’s termination without cause was “not related to the Company’s financial or operating results or to any disagreements or concerns regarding the company’s financial or reporting practices,” Eos Energy said.
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The Edison, New Jersey-based company appointed Nathan Kroeker, its chief commercial officer — and previously its CFO before Javidi’s appointment in March — to the role of interim finance chief, according to the Tuesday filing with the Securities and Exchange Commission. Kroeker will not receive any additional compensation as interim CFO, the company said.
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Kroeker is stepping back into the role of finance chief as the battery manufacturer looks to chart a path to further expansion amid a spike in power demands driven by the AI boom. The company, which manufactures zinc-powered batteries, is seeking to expand its first production line as well as build a second line, supported by a $303.5 million loan gurantee Eos Energy received from the U.S. Department of Energy in December, Bloomberg reported earlier this month following an interview with CEO Joe Mastrangelo. So far, the company has drawn one $68 million tranche of the loan, Mastrangelo told Bloomberg.
Javidi succeeded Kroeker in the CFO role on March 5, according to a company filing at the time, joining from investment firm Kayne Anderson. In accordance with his appointment, Javidi was set to receive an annual base salary of $500,000 and was eligible for a target bonus representing 80% of his base, according to the March filing.
He also received an initial grant of time-restricted stock units valued at $2 million, a long-term incentive program equity award valued at $500,000, and a sign-on cash bonus of $5,000 “to assist with legal expenses that you may incur in connection with your transition to Eos,” according to his offer letter.
Javidi will be “entitled to the payments and benefits” detailed in his offer letter for a termination without cause, Eos Energy said in its Tuesday filing. For either a termination without cause or if Javidi resigns with good reason, the former CFO is entitled to receive “any accrued and unpaid base salary and any unreimbursed business expenses” through the date of termination, to be paid on the next payroll date, per the offer letter.
