Susan Swenson, executive chairman of Faraday Future, announced her resignation. The company said earlier that certain directors had received death threats and baseless allegations, accelerating a transition plan for the company's leadership. In addition to Swenson, two other board members resigned this week, Faraday Future said in a securities filing on Thursday, lead independent directors Jordan Vogel and Scott Vogel. (Scott Vogel). Adam He has been appointed interim non-executive chairman.
Since its inception, the startup has been rocked by a battle for control. Last month, Faraday Future claimed that criticism of existing management had escalated, including "physical violence and even death threats," and the fight had become morbid. That led to a company restructuring that, as planned, once the company received a specific amount of funding, Swenson would leave, giving more control to a group of shareholders who own about 36 percent of the company.
But Faraday Future said the threats prompted Swenson and two other board members to step up their exits. In addition to the aforementioned death threats, the directors chose to resign because they feared that their continued ties to the company could increase the risk to themselves and their families, the company said in a statement.
Faraday announced last month that its first electric car would be delayed until at least next year. Previously, the company pledged to start production in mid-2022 when it went public last year. Faraday Future said the reason for the delay was the need for additional funding.
Faraday Future also accused so-called "employee whistleblowers" and "various individuals and entities claiming to be current investors" of allegations made against the board, including that they conspired to drag the company into a quagmire for personal gain. But an independent investigation commissioned by the company from an outside agency found the allegations were unfounded.
Faraday Future has said that the company believes the group of widely divided shareholders was influenced by co-founder Jia Yueting. In April, an internal investigation led by Swenson concluded that managers had misled investors about Jia's day-to-day control and influence, although he was later excluded. Faraday Future has faced other troubles, including the resignation of its auditors. The U.S. Securities and Exchange Commission (SEC) has launched an investigation into Faraday Future's financial statements.