Shares of Romeo Power (NYSE: RMO) are sinking amid a day of sell-offs for the broader market. In addition to bearish pressures impacting the market, Romeo Power stock also seems to be losing ground due to a recently announced change for its management team. Romeo Power's recent press release stated that Anne Devine will take over the COO position roughly a month from today.
LOS ANGELES, January 18, 2022--Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that it has named Anne Devine as Chief Operating Officer and Rose Rogers as Chief People Officer. In their new executive roles Mses. Devine and Rogers will report directly to Chief Executive Officer Susan Brennan.
Companies in the electric vehicle (EV) sector are back in vogue with investors today, and several tied to the electrification of the commercial truck industry are leading the way. Shares of Nikola (NASDAQ: NKLA), Hyliion Holdings (NYSE: HYLN), and battery company Romeo Power (NYSE: RMO) were up 3.9%, 10.3%, and 9.2%, respectively, as of 3:28 p.m. ET. While today's moves are in line with a more general push into EV stocks by investors, some of the confidence in these names is likely coming from recent progress with the businesses.