WITRICITY ANNOUNCES JOE BENZ AS CEO

WATERTOWN, Mass., May 13, 2024 /PRNewswire/ -- WiTricity Corporation today announced that Joe Benz has been appointed as the company's next chief executive officer and a member of the WiTricity Board of Directors. Benz will assume the CEO role and join the Board immediately, succeeding Alex Gruzen, who has been the WiTricity CEO since 2014.

Benz brings over 30 years of operational and leadership experience in both the military and private sectors. Known for his considerable operational expertise, he has a proven track record of delivering results by building teams and implementing processes designed to maximize talent, leverage intellectual property, and develop winning solutions. Most recently, he served as General Counsel and Chief Legal Officer for WiTricity, where he oversaw the continued development of WiTricity's industry-leading global patent portfolio and guided the company through the myriad of operating agreements necessary to transition WiTricity to a product company. 

"Joe Benz is a phenomenal leader with an impressive and proven track record of operational results and broad experience in the transportation industry," said WiTricity Board Member and major investor Kenneth Horowitz. "We are incredibly fortunate to promote from within, allowing us to leverage his deep familiarity with WiTricity and make a seamless transition. It has been my absolute pleasure to work with Joe over the past two years, and we are excited to see how his leadership will propel the company forward into this next phase." 

Outgoing CEO Gruzen navigated the company through the complex transition from a licensing and technology transfer company to a product company. The WiTricity Halo® Wireless Charging Platform is the industry's most advanced and sophisticated wireless charging system. The 5^th generation of the product, available for delivery later this year, will be fully V2G capable, an advancement that will fundamentally transform the charging paradigm. Under Gruzen, WiTricity also announced the launch of a wireless charging system for Neighborhood Electric Vehicles (NEVs) and golf carts. He will continue to serve as a consultant to the company. 

"The WiTricity Board and investors are greatly appreciative of outgoing CEO Alex Gruzen for his 10 years of service at WiTricity, during which the SAE J2954 standard was ratified, significant industry partnerships were forged, a strong team was built, and significant product advancements were made," continued Horowitz. 

Prior to his time at WiTricity, Benz served as Chief Intellectual Property Counsel and Senior Director at Boeing, where he led a significant organizational redesign and business transformation. Benz also served as Chief IP Counsel for the Ford Motor Company and President & COO of Ford Global Technologies, LLC, a major Ford subsidiary responsible for a global business dealing with joint ventures, Tier 1 suppliers, and strategic partnerships with other OEMs. 

Benz's military service consists of active duty and Reserve service, including multiple combat tours in a career spanning more than 28 years. During his last tour in Afghanistan, he held a significant leadership position responsible for directing and overseeing operations throughout the theater, involving strategic partnerships with over 25 coalition partners and direct interaction with the Afghan government. From 2022-2024, Benz commanded a Reserve unit responsible for design, resourcing, and execution of a major exercise directed at homeland response in the event of a nuclear disaster. His unit was named the 2022 Reserve Large Unit of the Year and the 2023 Top Readiness Unit for the Reserve Component. 

"This is a very important time for WiTricity, requiring focused leadership in all segments of our business," said investor and Board Member David Baum. Joe Benz is the right leader at the right time in WiTricity's evolution. He has led under the most challenging circumstances and always delivered superior results. We are truly fortunate to have him at the company's helm."

Benz continues to serve as a Colonel in the United States Army Reserve. He holds a Bachelor of Science from the United States Military Academy at West Point, a Master of Business Administration from the Goizueta Business School at Emory University, a JD from Emory Law School, and a Master of Strategic Studies from the United States Army War College. He is licensed to practice law in Georgia and North Carolina and registered to practice at the United States Patent and Trademark Office. 

SOURCE WiTricity