On March 2, Jia Yueting's car-making process in the United States has undergone new changes again, and Faraday Future Automobile Company, which he founded, has announced a new CFO.
The new CFO, Named Betty Ruff, is managing director of AlixPartners, an American consulting firm, and the first female CFO of Faraday Future in the nearly eight years since its founding.
At the same time, Faraday Future Automobiles also hired AlixPartners to provide consulting services. Public information shows that AlixPartners is a consulting firm focused on providing corporate restructuring and financial advisory.
Sue Swenson, Executive Chairman of Faraday Future, said: "As we push for an accelerated remediation program and strengthen the company's financial controls, I am pleased to welcome the team at Becky and AlixPartners to drive this effort. Becky has extensive experience in public companies, including successfully turning things around, and her presence gives us the confidence that we can act faster and more effectively. ”
Based on Her Keigh Ruff's track record, she has provided interim management services to underperforming companies on several occasions and has worked in a wide range of industries, including petroleum exploration, life sciences, healthcare, consumer, automotive, chemicals and manufacturing.
Betsy is also a former official of the American Bankruptcy Association and a member of the American Bankruptcy Academy, as well as a member of the Transformational Management Association (TMA) and the American Institute of Certified Public Accountants.
Previously, Betsy served as interim CFO of electric car startup Lordstown Motors and was also the CFO of Kodak. Helping many companies turn a corner in a difficult situation.
Faraday Future's predecessor, CFO Walter McBride, who only took office in November 2021, left for health reasons, and he has only been with Faraday Future for less than 5 months.
Before Walter McBride, Faraday Future's CFO was Zvi Glasman, who took office in January 2021 and was warmly welcomed by Jia Yueting, with the help of Zvi Glasmam, Faraday Future finally successfully listed on the NASDAQ in July 2021.
Jia Yueting warmly welcomed the new CFO to join
But Zvi Glasmam also only worked for Faraday Future for about 10 months.
In the 13 months since January 2021, Faraday Future has replaced three CFOs. Such frequent executive changes also make us a little worried about the financial situation of our companies.
Faraday Future has not yet filed its financial statements for the third quarter of 2021 with NASDAQ, and they have been included in the list of non-compliant companies.
In December 2021, Faraday Future organized an online business communication meeting, when they revealed that the company had enough funds to support the mass production delivery of its FF91 model in July 2022. But Walter McBride, then CFO of the company, revealed that net losses in the third quarter of 2021 were expected to widen significantly to $280 million.
Unexpectedly, before the third quarter of 2021 earnings release, Walter McBride had already resigned.
And this change in financial executives has only been 6 days since Faraday Future held the FF91 quasi-production car conference.
Faraday Future, which was listed at $13.78 when it went public in July 2021, is now trading at just $5.43, which has evaporated more than 60%.
Jia Yueting still needs to continue to work the road of car building!