Arrival Named Digital Leader Igor Torgov As CEO; To Slash 800 Jobs To Control Costs

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  • Arrival ARVL named former Arrival EVP of Digital Igor Torgov as the new CEO, effective January 30, 2023.
  • Igor joined Arrival in February 2020 and has led the development of multiple divisions.
  • Before Arrival, Igor held numerous COO, CEO, and leadership positions at Atol, Bitfury, Yota, Columbus IT, and Microsoft Corp MSFT.
  • Igor succeeded F. Peter Cuneo, who served as the interim CEO since November 2022.
  • In November, Denis Sverdlov stepped down from his role as CEO and became the Chairman of the Board, succeeding Cuneo.
  • Arrival previously shared its plan to refocus its resources on developing its U.S. Van product. The company expects to start production in Charlotte in 2024, subject to raising additional capital.
  • Arrival aimed to slash its global workforce by 50% to 800 employees to halve the ongoing cash cost of operating the business to $30 million per quarter.
  • Arrival hired Teneo, a financial advisor, to assist the company in evaluating strategic alternatives.
  • Price Action: ARVL shares are trading lower by 2.31% at $0.38 premarket on the last check Tuesday.
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