(Reuters) – Faraday Future Intelligent Electric Co said on Monday the electric car startup has reached an agreement with its largest shareholder to resolve a governance dispute, adding that Sue Swenson will step down as CEO.
The company said it has raised $100 million to start production of its luxury electric car, the FF 91, adding that Brian Kroliky will also step down from Faraday Future’s board of directors.
The company, whose shares rose 30% in trading before the bell, said Adam had been appointed as a new independent board member.
Earlier this month, shareholder FF Top Holding filed a lawsuit against Faraday Future seeking the removal of two board members, according to a court filing.
Several of the company’s employees called for the board of directors and shareholders to be fired, claiming that the CEO orchestrated attempts to “push the company into bankruptcy and restructuring”.
Los Angeles-based Faraday Future is battling the rising costs and supply chain disruptions that have delayed production of the FF 91 to the fourth quarter of 2022.
