A group of around 140 employees believe Sue Swenson is pushing the automaker towards bankruptcy.
A group of Faraday Future employees have sent a letter to the electric automaker’s board of directors and important shareholders asking for the removal of executive chairperson Susan Swenson from her position at the company. Things are perhaps not settling down for one of the most tumultuous automotive startups in the industry.
According to Reuters, who have seen the letter in question, the note alleges that Swenson worked to organize attempts to “push the company into bankruptcy and restructuring.” The letter itself was dated August 23, drafted by representatives for around 140 employees within the automaker itself. The note further requested that the board utilizes more transparency in relation to ongoing investigations brought on by information shared by whistleblowers. More specifically, these investigations notably surround four directors on the board: Sue Swenson, Jordan Vogel, Scott Vogel and Brian Krolicki.
Faraday Future is already facing a tough year, with production of the FF91 pushed back to the fourth quarter of 2022 as a result of the ongoing supply chain constraints facing the auto industry. This sort of corporate turmoil is only exacerbated by the fact that the automaker’s stock prices have crashed by around 90 percent since going public by way of a reverse merger in July 2021. In February, the company also admitted that employees had been feeding investors inaccurate statements about the company, which resulted in a leadership changeup. Swenson would adopt the new role of executive chairperson at that time.
This is not the first time Faraday Future has faced pressure to remove one of its directors. FF Top Holdings, the automaker’s largest shareholder with a 36 percent stake, has already asked the company to remove Krolicki citing an incompatibility with company needs.
Starting a new car company is tremendously difficult. While we’ve seen Wall Street get tremendously excited about nearly every new electric vehicle start-up, they aren’t all going to be the next Tesla. Whether or not Faraday Future is able to get back on the right track, things clearly need to change within the company if they plan to get the FF91 to customers this year.