By Josh Beckerman
Energy Recovery shares were down 17% Wednesday after the company said Chief Executive Bob Mao departed but would remain a board member.
The stock was recently at $15.30 and is down about 25% this year.
Energy Recovery, which makes products for desalination, wastewater and CO2 refrigeration markets, said Tuesday that board member David Moon was named CEO and an executive search firm will help the company review internal and external CEO candidates.
Mao, a former 3Com CEO, became interim CEO of Energy Recovery in 2019 and CEO in 2020.
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