Faraday Future Intelligent Electric, Inc. is limiting the role of its founder, Jia Yueting, after completing a months-long internal investigation into allegations of fraud.
The tram The startup is also putting one of its longest-serving executives on trial while another has resigned, according to filings on Thursday.
Jia will continue to take on the role of “Chief of Product and User Ecosystem” of Faraday Future – a position he has held since ceding the CEO role in 2019 to his former employer. BMW car executive Carsten Breitfeld. Going forward, his work will be limited to the company’s “product and mobile ecosystem” and “internet, artificial intelligence, and cutting-edge R&D technology.” Faraday Future also said Jia will no longer serve as chief executive officer.
The Los Angeles-based company said Matthias Aydt, a board member and senior vice president of business development and product definition, will be placed on a six-month probationary period. Aydt, who started with the company in 2016, will keep his board seat during his probationary period.
Jiawei Wang, the company’s global head of capital markets, will also step down. Wang, Jia’s nephew, has been suspended from work without pay since January 31, shortly before Faraday Future announced an earlier round of measures based on the results of an internal investigation.
Faraday Future said on Thursday it had taken other “disciplinary actions” and fired several other non-executive employees without providing details.
Faraday Future launched an internal poll last year after a short-selling research firm published a report claiming that the startup misrepresented the number of pre-orders for its luxury SUV. me, FF 91, after merging with a special purpose acquisition company.
The startup said in February that it had also discovered a number of executives misled investors about Jia’s role in running day-to-day operations, leading to Breitfeld being cut. 25% salary and put Chairman Brian Krolicki in the regular chair.
The company revealed in March that it also is being investigated by the US Securities and Exchange Commission regarding the allegations made in the short seller report.