WASHINGTON: Electric vehicle startup Canoo (GOEV.O) on Monday named board member Greg Ethridge as its chief financial officer, succeeding Ken Manget.

The company, whose shares have fallen 57% so far this year, said this move was effective immediately.

Ethridge has agreed to resign from Canoo's board of directors, a position he has held since 2020, by the end of the year.

Manget was appointed as the finance chief earlier this year. The company, however, did not disclose any reason for Manget's exit from the role.

Canoo has contracts with the US Defense Department for supply of advanced battery packs, Walmart (WMT.N) and National Aeronautics and Space Administration (NASA) for supplying electric vehicles.

Earlier this month, the company had posted a smaller-than-expected quarterly loss on lower research and development costs.