February 16, 2022 09:55 AM Eastern Standard Time
ST. JOHNS, Newfoundland and Labrador—(BUSINESS WIRE)—Duxion Motors today announced that its Board of Directors has appointed Jon Baksht as an independent director on the Board.
Mr. Baksht is a seasoned Chief Financial Officer with global management experience as CFO of an industry leading S&P 500 corporation. His strong strategic focus and capital markets background has resulted in raising over $25 billion of capital and over $50 billion of strategic transactions being closed. In his most recent position as EVP and CFO of Valaris, the world’s largest offshore drilling contractor, Mr. Baksht led multi-year strategic initiatives to high-grade assets, position the company into key markets, streamline operations and strengthen the balance sheet. Earlier in his career, he worked in investment banking at Goldman Sachs and in management consulting at Accenture. He is an experienced Corporate Director, having served on the Board of ARO Drilling as a committee member and Chairman of the Audit Committee.
Mr. Baksht is a graduate of the Kellogg School of Management at Northwestern University where he earned a Master of Business Administration. He received his undergraduate degree from the University of Texas at Austin, earning a Bachelor of Science with High Honors in Electrical Engineering.
“We are extremely pleased to add Jon to the Board as we continue to grow the company. With the recent patent award for our eJet engine technology and rapid plans for commercialization, Jon’s depth of experience will enhance our strategic decision making and be key for financing our ambitious growth plans,” said Rick Pilgrim, Chairman and Chief Executive Officer of Duxion. “We believe Jon’s uniquely diverse skill set and experiences will advance our position as a market disrupter in the $80 billion aerospace engine market. With over 30,000 jet-powered aircraft that rely solely on fossil fuels, the time to act is now.”
Founded in 2017, Duxion Motors Inc. is an advanced motor design and manufacturing company developing high power density electric propulsion systems for aviation and marine industries. Our engineers have developed powerful scalable electric drives that accelerate the transition to emission free electric transportation. Our patented eJet motor enables jet owners and OEMs to hybridize or fully electrify their existing fleets more quickly and economically.