Faraday Future Intelligent Electric Inc.’s head of product execution, Robert Kruse, has resigned, the second top executive to depart from the troubled electric-vehicle maker in as many days.
(Bloomberg) — Faraday Future Intelligent Electric Inc.’s head of product execution, Robert Kruse, has resigned, the second top executive to depart from the troubled electric-vehicle maker in as many days.
Kruse, a veteran of General Motors Co. who joined Faraday in 2019, stepped down Tuesday morning, according to people familiar with the matter who asked not to be identified discussing non-public information. He was instrumental in Faraday’s 2021 merger with a blank-check firm and in developing the performance characteristics of the startup’s electric SUV, which is still not in production.
Kruse declined to comment.
The departure comes a day after Faraday said its board removed Chief Executive Officer Carsten Breitfeld. The Los Angeles-based company, which reported just $27 million in cash as of Oct. 25, is trying to cut costs with a round of furloughs this week across multiple teams, the people said. Earlier this month it announced an equity purchase agreement to sell as much as $350 million in stock to an affiliate of Yorkville Advisors Global LP.
Faraday previously announced a companywide salary cut of at least 25% in late October.
The startup, which is being probed by the US Securities and Exchange Commission, recently agreed to a major shakeup of its board after a monthslong fight with a shareholder group associated with founder Jia Yueting.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
