Denis Sverdlov’s London-based electric car startup Arrival has appointed former Yota CEO Igor Torgov to the CEO role. The company also announced the dismissal of 800 people, half of the workforce.
Electric pickup truck startup Arrival announced the appointment of Igor Torgov, the former boss of Yota, to the role of chief executive officer. Previously, the company was headed by its founder Denis Sverdlov, but in November 2022 he stepped down and became the chairman of the company’s board of directors.
Likewise, Arrival announced the reduction of 800 people, or half of the workforce. Due to the layoffs, the company expects to cut costs in half, up to $30 million per quarter.
Sverdlov planned to sell 40 million Arrival shares amid the threat of bankruptcy for the company. Arrival’s founder owns a 75.7% stake in the company through the Luxembourg-based fund Kinetic, according to Bloomberg.
In a quarterly report, Arrival said it would be unable to generate revenue before 2024, further increasing its loss to $310 million.
Author:
Kirill Bilyk
Source: RB
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