Fallen Billionaire Steps Down as CEO of Troubled EV Startup

Nov 24th, 2022 8:53 EST

(Bloomberg) -- Arrival SA, the electric van startup that recently warned it’s running out of cash, said its former billionaire founder will step down as chief executive officer.

Denis Sverdlov will swap positions with Chairman Peter Cuneo, who’ll become interim CEO, the company said in a statement Thursday. Avinash Rugoobur also resigned as president and strategy chief for personal reasons and will remain a board member.

Cuneo, a former CEO of Marvel Entertainment, was the chairman of the special purpose acquisition company that merged with Arrival in March of last year. The startup’s shares have lost almost all their value since then, closing Wednesday at 33 cents in New York.

©2022 Bloomberg L.P.

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