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Gogoro’s CEO, Horace Luke, has stepped down amid serious allegations of subsidy fraud and ballooning financial losses. The board appointed Henry Chiang as interim CEO, signaling a leadership change during a period of increased scrutiny.
Gogoro CEO Resigns Amid Fraud Allegations
Horace Luke has resigned as CEO and creator of Gogoro, the preeminent global provider of battery swaps for electric vehicles. The move follows allegations of possible subsidy abuse in the company's home market of Taiwan, which comes as the company's financial losses continue to rise.
The announcement was characterized as a shock by the Taipei Times. Starting from scratch, Luke had a significant impact on every aspect of Gogoro's development and operations, from the smallest details to the company's overall strategy.
Luke Reflects on Difficult Decision to Resign
The release stated that Luke had "made the difficult decision to step down from my role as CEO and chairman of Gogoro" after much consideration. “This decision has not been easy, but I believe it is the right time for the company and I to transition leadership as we embark on the next phase of growth. My confidence in Gogoro’s bright future remains steadfast. I will always be Gogoro’s biggest advocate, and I look forward to seeing the company continue to grow and succeed from a new vantage point.”
Neither Luke nor the business gave an explanation for the employee's departure.
Henry Chiang Takes Over as Interim CEO
Interim Chief Executive Officer Henry Chiang was appointed by Gogoro's board. Chiang oversaw the GoShare team, which was responsible for the company's sharing activities, from 2018 to 2022, and since 2022, he has been the general manager of Gogoro.
The Board has selected Tamon Tseng to succeed Luke as Chairman of the Board and a director, Electrek shares.
The company's financial losses have ballooned throughout its recent period of fast growth and foreign expansions.
Subsidy Fraud Allegations Investigated
Last week, rumors started circulating about subsidy fraud. Apparently, the Taiwanese government gave subsidies to Gogoro to use by local manufacturers, but the company hid the fact that some of its parts were made in China.
In response to Luke's resignation, NASDAQ-listed Gogoro disclosed in a Form 6-K filing with the SEC that it had investigated the subsidy fraud allegations internally.
"During such investigations, the Company has identified certain irregularities in supply chain which caused the Company to inadvertently incorporate certain imported components in some of its vehicles," the statement reads. “The Company has reported the irregularities in supply chain to the local authorities and is fully cooperating with the local authorities in their investigations, while also continuing with its internal investigations.”
