By Sabela Ojea
Flux Power said Charles Scheiwe has agreed to step down as finance chief and will be succeeded by Kevin Royal.
The battery manufacturing company on Friday said that the departure of Scheiwe as finance chief, who took over the CFO position about 5 years ago, will be effective March 1.
The appointment of Royal, with over 20 years of experience in publicly traded companies, will be in place starting March 4. He will have an annual base salary of $330,000.
The company said departing CFO Scheiwe will be entitled to a cash severance payment of $205,200, equal to 12 months of salary.
Scheiwe and the company have also entered into a 12-month consulting agreement under which Scheiwe will provide certain consulting services at an hourly rate of $150 until March 3, 2025, Flux Power added.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
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