- 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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