Knightscope Announces CFO Transition, Focuses on Profitable Growth
Knightscope, Inc. [Nasdaq: KSCP] ("Knightscope" or the "Company"), a leading developer of autonomous security robots and blue light emergency communication systems, today announces that Apoorv S Dwivedi, a seasoned finance executive, has accepted the position of Executive Vice President and Chief Financial Officer of Knightscope, effective January 2024.
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Knightscope Announces CFO Transition, Focuses on Profitable Growth (Graphic: Business Wire)
Mallorie Burak, President and CFO, will be stepping down in early January 2024 to pursue other opportunities. William Santana Li, Chairman and CEO, will be re-assuming operational responsibilities of the President. This is one of several strategic moves on Knightscope's path to profitability as the Company seeks to focus on profitable growth, margin enhancements, operational efficiencies and streamlined decision making.
"We wish to thank Mallorie for her service and we are extremely excited to welcome Apoorv to the Knightscope team," said William Santana Li, Chairman and CEO, Knightscope, Inc. "We would be hard pressed to find an executive that is this highly experienced and energetic, and who has worked across several major corporations, been through the grueling challenges of a highly complex startup, taken a company public, and happens to be fluent in Reg A+ regulatory frameworks with an Ivy league education," continued Li.
With extensive finance and corporate strategy experience, Dwivedi most recently served as the Chief Financial Officer of Nxu, Inc. (NXU). He joined the company in 2022 and helped to take it public on Nasdaq in the same year. He then led the company's strategy around capital markets, investor relations, finance operations and corporate growth. Prior to his CFO role at Nxu, Dwivedi served as Director of Finance for Cox Automotive from 2019 to 2022 where he successfully ran the Manhem Logistics business. From 2018 to 2019, he was the Director of Presales at the SaaS company Workiva, and from 2010 to 2017 Dwivedi served in several corporate finance roles of increasing responsibility at the General Electric Company across both the GE Capital and GE Industrial businesses. Dwivedi began his career at ABN-AMRO, N.A. and was instrumental in building one of the first data analytics teams at Sears Holdings Company. Dwivedi earned his Bachelors in Finance from Loyola University - Chicago and his MBA from Yale School of Management.
"This is an incredible time to be joining Knightscope. The company is at the intersection of several key technologies including autonomy, robotics and artificial intelligence and is successfully leading the adoption of Autonomous Security Robots (ASR) to drive the future of public safety," said Dwivedi. "I look forward to rolling up my sleeves at this pivotal time in the Company's journey to lead financial and business strategy. Working hand-in-hand with Knightscope's leadership team, I am confident in our ability to execute on near-term goals and to create shareholder value in the long run."
Knightscope is an advanced public safety technology company that builds fully autonomous security robots and blue light emergency communications systems that help protect the places people live, work, study and visit. Knightscope's long-term ambition is to make the United States of America the safest country in the world. Learn more about us at www.knightscope.com. Follow Knightscope on Facebook, X (formerly Twitter), LinkedIn and Instagram.
This press release may contain "forward-looking statements" about Knightscope's future expectations, plans, outlook, projections and prospects. Such forward-looking statements can be identified by the use of words such as "should," "may," "intends," "anticipates," "believes," "estimates," "projects," "forecasts," "expects," "plans," "proposes" and similar expressions. Forward-looking statements contained in this press release and other communications include, but are not limited to, statements about executive transitions and the timing thereof, and the Company's goals, profitability, and growth. Although Knightscope believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include, among other things, the risk that executive transitions may have greater costs than anticipated; that executive transitions may adversely affect the Company's internal programs and the Company's ability to recruit and retain skilled and motivated personnel, and may be distracting to employees and management; that executive transitions may negatively impact the Company's business operations and reputation with or ability to serve customers; or that executive transitions may not generate their intended benefits to the extent or as quickly as anticipated. Readers are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" in Knightscope's Annual Report on Form 10-K for the year ended December 31, 2022. Forward-looking statements speak only as of the date of the document in which they are contained, and Knightscope does not undertake any duty to update any forward-looking statements, except as may be required by law.