The CEO and co-founder of Westport fuel systems (TSX:WPT), David Demers, is taking a long-awaited leave from the company he started over 20 years ago.
Demers’s original plan when founding Westport Innovations in 1995 was to help establish the company and then recruit a new CEO to run the business.
“It’s long overdue that someone else take over,” said Demers in an interview with Business in Vancouver early last year. “I’m sure my board someday is going to say, ‘We have that successor and let’s move on.’”
The board now has a new successor and Demers is moving on.
An endeavor that that wasn’t suppose to last two decades has finally come to fruition. This morning Westport announced that Nancy Gougarty will take over as Westport’s CEO, effective immediately.
Gougarty has been Westport’s chief operating officer since 2013, and is a former member of the board.
Starting out as an electrical engineer for General Motors in 1978, Gougarty is now taking the helm of an international alternative fuel company.
Gougarty worked her way up through both the engineering and business operations of GM until she was appointed Managing Director of a GM joint venture in Shanghai, in 1997.
Between her time at GM and Westport, Gougarty held several senior management positions around the world.
In a press release, board members boasted their full support for Gougarty, and investors seem to be behind her too. At 8 a.m. (11 a.m. EST), Westport’s TSX stock was up 5.5%.
Gougarty helped lead Westport’s recent merger with the U.S. based Fuel Systems Solutions Inc. According to Warren Baker, Chairman of the Board, Gougarty lead the merger’s integration team, working with people across Europe, Asia and North America.
Board members also praised Gougarty’s international work and ability to manage diverse groups of people.
After 21 years and a cross boarder merger, Westport has still yet to make a profit. In a press release, Gougarty said she intends to increase the value provided to both customers and shareholders and set her sights on profitability.
“The recently completed merger provides a natural point for us to take stock of our strategy and portfolio as we increase our focus on the operating lines that will drive long-term profitability.”
