Faraday Future(NASDAQ:FFIE) stock is falling recently as theelectric vehicle(EV) company enacts measures tokick a member from its board of directors.
Faraday Future will be holding a special meeting of shareholders to vote on the removal of Brian Krolicki from its board. Krolicki is the former Chairman of the board and previously served as the Lieutenant Governor of Nevada.
Faraday Future said the following in a filing with the U.S. Securities and Exchange Commission (SEC):
“The Company’s operational results are consistently falling short of the goals the Company has set forth in its public filings, and this situation is not improving. We believe that this poor performance is due in significant part to the failings of Mr. Krolicki, who had been designated chairman up until the remedial measures of the Special Committee (as defined below) investigation, and the members of the Board with whom he has been aligned.”
According to Faraday, Krolicki lacks the experience and skills needed to serve on the board of directors. FFIE notes that his removal comes at an inflection point for the company when it needs more financially responsible leadership.
Faraday Future has yet to say when theexact date of this special meeting will be. However, the company does intend for the meeting to start.
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