The CEO of struggling electric vehicle maker Arrival has resigned from his role and been named the company’s chairman as part of a leadership overhaul that also has seen the departure of its president and chief of strategy.
Denis Sverdlov—who founded Luxembourg-based Arrival more than seven years ago—has stepped down as CEO, a role he had held since March 2016. Taking his place on an interim basis is Peter Cuneo, a former CEO of Remington Products and Marvel Entertainment, where he oversaw that company’s 2009 sale to Walt Disney Co.
The leadership change comes just a few weeks after Sverdlov and his team reported a third-quarter loss of $310 million and again pushed out their timeline for ramping production and generating revenues. (The executives had a few weeks earlier said they would freeze work on their bus program and shift almost all their attention to only making delivery vans in Charlotte, North Carolina, to take advantage of the more promising U.S. market.) The strategy shift and development work needed to ramp up van work means Arrival would have enough cash to make it only until next fall if it does not raise new capital, the company’s leaders said.
“I intend to bring the full depth of my experience to this operational role, ensuring that the company executes on its next set of strategic goals,” Cuneo said in a statement. “I look forward to working closely with Denis, the rest of the board, and our employees for the benefit of all Arrival’s stakeholders.”
Sverdlov said he is “more committed than ever to ensuring Arrival’s success” and had moved aside to act in the best interests of the company. Stepping down altogether from his operating role last week was Avinash Rugoobur, who had been Arrival’s strategy chief since early 2019 and its president since July 2020. His departure, the company said, was for personal reasons and he will remain a board member.
This story was first published by our sister brand IndustryWeek.
