Faraday Future (Nasdaq: FFIE, FF) announced that the company's board of directors appointed Matthias Aydt, who has worked at FF for many years, as FF's global CEO, effective September 29, 2023. At the same time, the current FF global CEO Chen Xuefeng (XF) will be based in China starting from September 29, 2023, and will continue to serve as the CEO of FF China and concurrently as the executive vice president of FF global industrialization. At the same time, FF also announced a plan for executives to increase their holdings, and the company's stock price rose by up to 6.5% after the market closed.
"Matthias has more than 40 years of experience in the industrialization of the automotive industry. He will greatly help the company ramp up production capacity, reduce costs, connect China and the United States, and establish an agile, efficient, self-operating and self-evolving AI company management system. At the same time, I would like to thank Xuefeng for his great contribution to the company during his tenure as global CEO. He has successfully completed a series of major milestones, including SOPs, to achieve a complete closed-loop operation of FF and enter revenue stage. In the future, Xuefeng will focus on opening up China and the United States, integrating supply chains, and continuing to reduce costs. "Jia Yueting said, "The executives' voluntary increase in stock ownership demonstrates the strong collective ownership and great confidence of FF executives and the company's interests. I believe that the new management will lead the company to overcome the current challenges and continue to work tirelessly to maximize the value of the company and shareholders and realize its commitment to users."
FF also announced management’s plans to increase its holdings. Mr. Matthias Aydt, who will serve as FF's global CEO, FF founder and chief product and ecosystem officer Jia Yueting (YTJia), current global CEO Xuefeng Chen (XFChen) who will serve as executive vice president of global industrialization and CEO of China, acting chief financial officer Mr. Jonathan Maroko and chief accounting officer Yun Han, as well as other company executives and management members, have voluntarily signed a salary deduction and stock purchase agreement.
According to Nasdaq's requirements, subject to shareholder approval of the agreement, these company executives and management members committed to spending 50% of their salaries to purchase the company's Class A common stock within three months to further demonstrate their confidence and support for the company's business. The shares will be locked for at least 180 days from the date of issuance, and all participants will receive cash in exchange for shares of the company's Class A common stock.