Mr. Bueno will also be nominated for election to the board at the upcoming 2022 annual general meeting of shareholders.

Mr. Gandossi will step down from his current executive duties as part of turning 65 years old this year, after more than seven years as CEO and president. He will continue with the company as an advisor until Aug. 31, and assist Mr. Bueno and Mercer to ensure a smooth transition, the company said.

Mr. Bueno most recently served as the chairman of the board and co-founder of Global Energy, which produces novel green energy generation devices.