After his nephew left, Jia Yueting's power was again emptied.
Faraday Future (FF Auto) recently announced that founder Jia Yueting will no longer play the role of executive officer in the future.
Jia Yueting will then continue to serve as chief product officer, reporting directly to the executive chairman. However, the scope of responsibility will be limited to product and mobility ecology, the Internet, artificial intelligence and advanced research and development technologies.
In addition, the FF Board of Directors appointed Matthias Aydt, former Senior Vice President of Business Development and Product Definition, as Executive Officer for a probationary period of 6 months; during which time Matthias Aydt will remain a non-independent director of the Board. Another group of non-executive employees were also subject to disciplinary action, including dismissal, during the adjustment process.
The filing shows that the adjustment is an additional remedial arrangement for a previous internal independent investigation.
In October last year, J Capital Research, a short-selling agency in the United States, issued a short report pointing out that they did not think FF could deliver even one car, although the company is now listed, but mainly to raise funds to fill the huge debt loophole caused by Jia Yueting. Moreover, the agency believes that Jia Yueting, who resigned as CEO, still has a high degree of control over FF.
In this regard, the board of directors of FF has set up a "special committee of independent directors" to conduct internal investigations. In the investigation results and rectification report released in February this year, the committee clearly pointed out the problems of FF order fraud and Jia Yueting's mastery of FF development by installing relatives within the management.
Based on these findings, the committee gave Jia Yueting and FF CEO Carsten Breitfield a 25% salary cut (annual base salary); at the same time, Chairman Brian Krolicki stepped down, Vice President and General Counsel Jarret Johnson left, and Former FF core executive, vice president of capital, and Jia Jiawei, nephew of Jia Yueting, was also suspended.
This investigation consumed a lot of internal energy, and FF failed to disclose the annual report in a timely manner. The NASDAQ notification letter states that if FF fails to file Form 10-Q for the third quarter of 2021 and Form 10-K for the third quarter of 2021 and Form 10-K for the third quarter of 2021 by May 6, 2022, it will be delisted.
There are internal powers overhead, external regulatory review, full calculations, leaving Jia Yueting's rescue time, there are still 21 days.