(Reuters) - Electric-vehicle battery startup Our Next Energy (ONE) said on Sunday that Paul Humphries will be its new CEO effective immediately, replacing Mujeeb Ijaz, who held the post since he founded the company.
Ijaz, a former Apple (NASDAQ:AAPL) executive, will serve as vice-chairman of the board and take on the role of chief technology officer following Humphries' appointment, ONE said.
Humphries has also been a member of the ONE Board of Directors since the company was founded in 2020.
The Michigan-based company cut around 25% of its workforce, or 128 employees last month, citing "market conditions" as reason for the layoffs. It added that it is continuing to focus on establishing its gigafactory in Michigan and to develop a North American supply chain for batteries.
The company said in February it had raised $300 million in a Series B funding, valuing it at $1.2 billion.