Yueting is not leaving the corporate. Instead, he’s taking up the function of Chief Product and User Officer. He’ll deal with product definition, consumer expertise, AI and the “overall implementation of the internet eco-system model.” To put it merely, he’ll deal with nuts-and-bolts growth as a substitute of operating the corporate.
The shuffle comes as a part of a restructuring plan that may see Yueting create a belief to repay his money owed “as quickly as he can.” Faraday did not elaborate on how Yueting would repay the debt, however an earlier Pandaily report instructed the manager would each promote shares and depend on a future IPO to muster sufficient funds. The firm is concurrently recruiting somebody as a Global Chairman for the corporate.
Faraday is not fully ditching Yueting, nevertheless it clearly sees a new CEO as important to getting again on observe and regaining the belief of traders who’ve needed to bail out the corporate greater than as soon as. Breitfeld is a veteran of the automotive business with expertise bringing electrified automobiles to market — essential for an organization that has but to launch its first car greater than two years after the CES debut. There’s no certainty that he’ll fare higher than Yueting, however he will not make Faraday’s backers as nervous as his predecessor.