Will Jia Yueting really leave?
On the evening of the 3rd, Faraday Future (hereinafter referred to as FF) released official news : Founder Jia Yueting officially resigned as the CEO of FF Global, and former CEO of Benteng Motor Co., Ltd. took over as the new CEO of FF.
After resigning as CEO, Jia Yueting transferred to Faraday’s future CPUO (Chief Product and User Officer), which will promote the overall implementation of the FF Internet ecosystem strategy, responsible for artificial intelligence, product definition, user acquisition, user experience and user operations. And other related work. Jia Yueting’s resignation as CEO of the company means that he is transferring the company’s control from the individual to the company’s “Partners Committee” through the concept of a partner system.
It is understood that the new CEO Bi Fukang is a well-known electric vehicle expert who worked in BMW for 20 years and is known as the “father of BMW i8”. Prior to joining FF this month, Bi Fukang founded the domestic new energy vehicle brand BYTON in 2017 as co-founder and served as chairman and CEO.
Bi Fukang and Jia Yueting have known each other for many years. In the past four years, Jia has talked with him about joining FF. Bi Fukang revealed that the final decision to join FF was mainly for three reasons: “One is Mr. Jia Yueting, the second is FF industry leading products and technology, and finally the global partner system.”
In the past week, domestic and foreign media connection reports Fo company’s implementation of restructuring, Jia Yueting will leave the CEO’s news < /a>. FF official WeChat responded to relevant reports on August 29, saying that FF has been pushing the company’s top management structure reform since the end of last year, and has now entered the implementation stage, and said “There will be significant information on September 3rd in “.
The announcement of the change of CEO marks the official start of the “reorganization plan” for FF’s brewing for half a year. FF also announced that the company will openly recruit the global chairmanship.
After the official news of the outgoing CEO, Jia Yueting said on Weibo: “The reason why I gave up everything is to make FF and repay the remaining guarantee debt as soon as possible.”At present, Jia Yueting himself and FF Company are facing a lot of difficulties, mainly about the issue of “money”.
Jia Yueting Weibo Screenshot
Since the outbreak of the LeTV ecological crisis in November 2016, Jia Yueting has been plagued by negative news such as securities bond disputes and court freeze funds in the past two or three years. According to FF, Jia Yueting had previously repaid $3 billion in debt through various means such as asset disposal.
Recently, Jia Yueting announced the establishment of a personal debt repayment trust fund as a domestic debt repayment fund. The fund is funded by his own equity financing in FF. In Jia Yueting’s vision, if FF can reverse the dilemma or even successfully list, then his debt repayment trust fund is enough to repay his remaining domestic debt. The resignation of the CEO is to facilitate the smooth operation of the debt repayment trust fund,as soon as possible to completely solve the problem of the remaining guarantee debt of the individual.
In addition to setting up a personal debt repayment fund, Jia also said that he would sell some of the existing FF shares to pay off debts.
After the LeTV crisis broke out, Jia Yueting had cooperated with two real estate companies, Sunac China and Evergrande Group, but the cooperation ended in disappointment. According to industry insiders, the financial funds before FF largely depended on the founder Jia Yueting’s equity pledge on LeTV. After the crisis in LeTV, the financial crisis of the two had a resonance effect.
FF’s first product, the FF91, was released in 2017. With its cool features and luxurious interiors, it has successfully caught everyone’s attention in the new car market. However, due to the continued financial crisis of FF, the mass production of this star product has been blocked, and even a few times the news of abortion. Although the FF91 is frequently unveiled, it is always in the stage of the concept car.
After the new CEO, Bi Fukang’s main task in the short term is to help FF achieve FF9The mass production of 1 will be followed by to start the development of a large-scale mass production luxury model FF81 electric vehicle. In addition to the products, the more important issues in front of Bi Fukang may be to promote the financing process of FF.