Our Next Energy (ONE), the electric-vehicle battery startup, announced on Sunday the immediate appointment of Paul Humphries as its new CEO, succeeding founder Mujeeb Ijaz. Ijaz, a former Apple executive, will transition to the role of vice-chairman of the board and chief technology officer following the leadership change.
Humphries, who has been a member of the ONE Board of Directors since the company's inception in 2020, takes the helm as CEO. The Michigan-based company recently underwent a workforce reduction, laying off approximately 25% of its employees (128 individuals) last month, citing market conditions as the primary reason for the layoffs.
In February, the company disclosed securing $300 million in a Series B funding round, which valued ONE at $1.2 billion. The leadership transition and strategic focus underscore ONE's commitment to advancing its position in the electric vehicle battery sector.