LUXEMBOURG, Nov. 24, 2022 (GLOBE NEWSWIRE) — Arrival (NASDAQ: ARVL) (the “Company”), announces that MF Peter Cuneo has been appointed as interim Chief Executive Officer.
Mr. Cuneo said, “I intend to bring all my experience to this operational role, ensuring that the company executes its next set of strategic objectives. I look forward to working closely with Denis, the rest of the Board of Directors and our employees for the benefit of all Arrival stakeholders.
Mr. Denis Sverdlov is simultaneously stepping down from his role as CEO and has been appointed chairman of the board of directors in place of Mr. Cuneo who has resigned from the board and the audit committee in order to concentrate on his interim duties. CEO. Mr. Cuneo will continue to attend Board meetings as an observer.
Mr. Sverdlov said, “I am more determined than ever to ensure Arrival’s success, and I will continue to act in the best interests of the company, shareholders, customers, partners and employees.
Mr. Avinash Rugoobur resigned as President and Chief Strategy Officer on November 22, 2022 for personal reasons, but will remain a member of the Board of Directors. Mr. Rugoobur said: “It has been an incredible four years at Arrival which has included an IPO, the development of a world-class team, technology and key partnerships. I am delighted to continue to be part of Arrival as a member of the board.
Mr. Rexford Tibbens will assume the role of Chairman of the Company’s Strategic Planning and Operations Committee, which will work closely with management and focus on achieving key milestones across all divisions of the Company, including the Fund raising.
Arrival’s mission is to master a radically more efficient new way to design, produce, sell and service the best electric vehicles ever, to support a world where cities are free of fossil fuel vehicles. Arrival’s in-house technologies enable a unique approach to vehicle production using rapidly scalable local micro-factories. Arrival (NASDAQ: ARVL) is a Luxembourg limited company.
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the products offered by Arrival and the markets in which it operates. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release.
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