XL Fleet Announces Financial Leadership Transition and Timing of Fourth Quarter and Full-Year 2021 Earnings Release and Conference Call

BOSTON–(BUSINESS WIRE)–XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leading provider of fleet electrification solutions, today announced that Cielo Hernandez has resigned as Chief Financial Officer of the Company as of January 31, 2022, to pursue other career opportunities. Ms. Hernandez’s departure is not related to any disagreement with the Company over its accounting principles or practices, or financial statement disclosures.

Chris Goldner, XL Fleet’s Corporate Controller, has been appointed to serve as Interim Chief Financial Officer, effective February 1, 2022, while the Company undertakes a search for a permanent successor. Mr. Goldner has over twenty years of financial leadership experience with responsibilities including SEC reporting, accounting policies and procedures, and internal controls. He has served as XL Fleet’s Corporate Controller since August 2021, with responsibility for leading the Company’s accounting and reporting functions. Prior to joining XL Fleet, Mr. Goldner served as Vice President, Fiscal Responsibility, Vice President, Assistant Corporate Controller and other accounting and financial leadership roles for Hasbro, Inc. (NYSE:HAS). Prior to that, he worked in public accounting as an Audit Manager with Deloitte and Touche.

“On behalf of the XL Fleet team, I want to thank Cielo for her contributions to the Company since joining last April and wish her all the best in her future endeavors,” said Eric Tech, Chief Executive Officer of XL Fleet. “I am very pleased to have such a capable and experienced professional in Chris to step into the interim CFO role. He has the Board’s and my full support and confidence, and we look forward to providing our latest quarterly update on March 1.”

Fourth Quarter and Full-year 2021 Conference Call Timing

XL Fleet will report its fourth quarter and full-year 2021 results on Tuesday, March 1, 2022, followed by a conference call hosted by XL Fleet management at 5:00 p.m. Eastern Time.

The call can be accessed live over the telephone by dialing 877-407-3982, or for international callers, 201-493-6780 and referencing XL Fleet. Alternatively, the call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of The Company’s website at www.xlfleet.com.

A replay will be available shortly after the call and can be accessed by dialing 844-512-2921, or for international callers, 412-317-6671. The passcode for the replay is 13726640. The replay will be available until March 15, 2022. An archive of the webcast will be available for a period of time shortly after the call on the Investor Relations section of The Company’s website at www.xlfleet.com.

About XL Fleet

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 170 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can significantly increase fuel economy and reduce carbon dioxide emissions, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. For additional information, please visit www.xlfleet.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; changes in the preliminary financial results for the quarter ended September 30, 2021 upon completion of the Company’s financial closing procedures or upon review and completion of procedures by the Company’s independent registered public accounting firm, and the other risks discussed under the heading “Risk Factors” in the Company’s amended Registration Statement on Form S-1/A filed on October 21, 2021, and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

Contacts

Investors:
xlfleetIR@icrinc.com

Media:
PR@xlfleet.com