Denis Sverdlov, CEO and founder of the struggling EV startup, has withdrawn from the company’s day-to-day operations, according to Financial Times and Bloomberg. Sverdlov won’t be leaving the company entirely, but will instead swap places with Arrival president Peter Cuneo, who served as CEO of Marvel Entertainment before being acquired by Disney.
Arrival has big plans for the electric vehicle space and is developing electric vans, buses and cars. However, in mid-2022, the company cut its workforce because out of cash. It also announced that it was closure of bus and car projects fully focused on developing its trucks for the US market, citing the EV tax credits that the US offers were a major factor in its decision. Cuneo will run the company while it seeks to raise capital against the threat of bankruptcy.
Coming has likely decided to swap, hoping Cuneo can use his expertise – he’s famous for staging, after all Successful business transformation and helped guide Marvel out of bankruptcy during his tenure as CEO. Whatever Cuneo decides to do, he’ll have to get it done without the help of one key executive: Avinash Rugoobur, the company’s president and chief strategy officer, has left his role, will remain on the board of directors.
The EV startup teamed up with UPS to build a new generation of electric delivery vans in 2018, and in 2020, UPS has ordered 10,000 vehicles to hit the market over the next few years. Arrival said in September that despite problems with the production, it was completed build “production verification vehicle” and it will be able to deliver 20 trucks to customers by the end of the year.
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