Denis Sverdlov resigned as CEO of Arrival

Former Deputy Communications Minister Denis Sverdlov stepped down as CEO of Arrival, a commercial electric vehicle maker, and will head the company's board of directors.

The interim CEO will be ex-chairman of the board of directors Peter Cuneo. Chief strategy officer Avinash Rugobur (who was lured from GM by Arrival) is leaving the company for personal reasons but will remain on the board. Cuneo has a lot of experience in crisis management, and the main achievement is the salvation of Marvel Entertainment.

The leadership shake-up followed staff cuts, Sverdlov's sale of shares, a warning that Arrival would go bankrupt by 2H 2023 without new financial injections, rumors of problems with a UPS anchor contract and a drop in quotes of more than 95% from the "star" level. IPO 2021. In September, Arrival acknowledged that it had not been able to produce the main model of its commercial van in serial technology: before the end of the year, it will send only 20 electric vans instead of the planned 400.

I talked in detail about Arrival on the wave of interest in The Bell company here .