Asian Tech Press (Aug 25) -- California-based EV maker Faraday Future (NASDAQ:FFIE)'s more than 100 employees worldwide have signed a petition calling for the removal of Executive Chairperson Susan Swenson.
An internal petition from Faraday Future's employees worldwide to remove Susan Swenson, the company's executive chairman, was recently leaked, putting the EV maker, which has been at the center of a storm, back in the media headlines.
FF Top Holding LLC, a major shareholder of Faraday Future, filed a 13D form with the U.S. SEC on Tuesday, requesting Faraday Future to provide a list of shareholders and hold a shareholders' meeting to remove director and former chairman Brian Krolicki as soon as possible.
All this indicated that the Faraday Future board has caused strong dissatisfaction from its major shareholder, investors and employees, and their campaign to request the restructuring of the Faraday Future board has escalated again.
Six employees of Faraday Future, representing more than 140 colleagues worldwide, have sent a petition to Faraday Future's board of directors and global shareholders, requesting that the company's board remove Susan Swenson from her two positions as executive chairperson and board chair, and hold a shareholders' meeting to remove her as a director, according to investors close to the EV maker.
The petition stated that Susan Swenson, as the first person responsible for Faraday Future's board of directors and operational decisions and the first person legally responsible for the company, should be held accountable for all kinds of negligence, malfeasance, breach of due diligence obligation, misconduct, wrongdoing, unjust enrichment, and even possible violations of the law in the year since Faraday Future went public.
The petition also pointed out that Susan Swenson should be held responsible for a series of disastrous operating results, including huge losses to Faraday Future's shareholders and employees, serious damage to the company's reputation, serious budget overruns, out-of-control costs, serious waste of corporate funds, and continuous delays in delivery of its flagship luxury electric vehicle FF 91.
Faraday Future, with its forward-looking judgment of industry trends and continuous investment and accumulation, said it has the world's leading technology, the industry's first-class team and unique products, which explain why the capital market is unanimously bullish on Faraday Future's huge capital value in the future, promoted its successful listing on Nasdaq on July 22, 2021 and raising nearly $1 billion in excess.
However, what is confusing is that listing on Nasdaq was only a brief high moment for Faraday Future, whose share price plummeted from a peak of $14.82 to an all-time low of $1.65 in the past year.
Why has Faraday Future's market cap evaporated by nearly 90% and the much-anticipated mass production of FF 91 has been delayed again? It seems that the answer to the question can be found in the petition from Faraday Future employees worldwide.
The petition also stated that Susan Swenson led to disastrous results in the operation of the company through her improper control of the company and the board of directors.
In addition, during her tenure as chairperson of the special committee of the Faraday Future board, Susan Swenson conducted a series of unfair and improper investigations and remediation of the company and its key executives.
And during Susan Swenson's tenure as chairperson of the board's audit committee, the company was unable to file its S-1/A form in October 2021 as scheduled, the filing was delayed to date even after she became Faraday Future's executive chairperson in early February 2022.
The petition by Faraday Future's employees worldwide to remove the executive chairperson may be a turning point for the EV maker to overcome the difficulties and reorganize itself, and it also means that major shareholder FF Top's request to restructure the board has received strong support from employees worldwide, according to analysts.
Analysts said that once achieving the goal of restructuring the Faraday Future's board of directors, the U.S. electric car startup will no longer face too many hurdles in its follow-up financing, and will also successfully deliver the FF 91.
The following picture is the original petition that was exposed on the Internet.
