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Electric vehicle company, Faraday Future (NASDAQ:FFIE) announced in a securities filing on Thursday that executive chair Susan Swenson announced her resignation from the company along with Jordan Vogel, the Company’s Lead Independent Director, and Scott Vogel.
A fight over control has rocked the company in recent months. In September, the fight took a turn when Faraday reported that criticism of current management has escalated to include “threats of physical violence and even death threats.” Faraday said the threats prompted Swenson and the two other board members to expedite their exits.
The directors “cited such threats and their fear that their continued association with the company might heighten the risk to themselves and their respective families as the reasons for their resignations,” in the filing.
Effective as of Ms. Swenson’s resignation as Executive Chairperson on October 3, 2022, Adam (Xin) He was appointed to serve as Interim (non-Executive) Chairman of the Board. The Company expects that the Board seated after the 2022 annual meeting of stockholders will select a permanent Chairperson of the Board.
Following the resignation of Ms. Swenson, all Company management now report directly or indirectly to Dr. Carsten Breitfeld, the Global Chief Executive Officer of the Company, for a 21-day period beginning on October 4, 2022 while the Board continues to evaluate the appropriate management reporting lines.
Shares of FFIE are up 5.71% in mid-day trading on Thursday.
