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Battery Company CFO Doesn’t Last

CFO Galen Fischer had only been with Valence for four months when he resigned to pursue other opportunities.
Kate PlourdJuly 11, 2008

After barely more than four months on the job, Galen Fischer has resigned his post as CFO of Valence Technology Inc., effective July 23. According to a company press release, he left to pursue the proverbial “other interests.”

Fischer had joined Valence, which makes lithium-phosphate batteries used in computers, golf carts, and other devices, on March 3. He replaced Thomas Mezger, who resigned. Donald Gottschalk, the company’s controller, will serve as interim CFO.

In a statement, company CEO and president Robert Kanode expressed disappointment in Fischer’s departure and said the company already had replacement candidates in mind. “Today’s announcement will not impact the positive momentum we are seeing for our company or the many opportunities that lie ahead,” said Kanode.

A company spokesperson said Fischer was not available for comment, and attempts to reach him were unsuccessful.

Before joining Valence, Fischer was corporate controller for Motive, a global communications software company, from February 2007 to February 2008. Before that, he worked at United Devices Inc., for which he was vice president of finance starting in December 2005. For six-and-a-half years prior to working at United Devices, Fischer served as a chief financial officer consultant for Virtualcfo Inc., which provides strategic and other financial and business-related services to public and private companies.

Meanwhile, on Thursday Valence’s board of directors elected Donn Tognazzini to replace the retiring John Locy, who sat on both the audit and compensation committees.