Wednesday, November 15, 2017
Faraday Future Loses Three Executives
Los Angeles-based electric car developer Faraday Future, even after dramatically scaling back its ambitious plans, appears to be circling the drain--losing three executives, including its CFO, CTO, and head of its manufacturing line. Stefan Krause, the company's CFO and former BMW executive, left the company in October; Ulrich Kranz, the company's CTO and also formerly at BMW, resigned; and Bill Strickland, a former Ford executive running the company's manufacturing, also has left, according to reports. On top of the losses, the company appears to be picking a fight with the executives, saying it "immediately terminated" Krause for "possible violation of law" and "lack of contribution to FF's goals" and that it is initiating legal action against Krause. In addition, Faraday Future said it had "terminated immediately" the employment of CTO Ulrich Kranz. Kranz publicly disputed the announcement by the car company, saying that Farady Future had issued a press release with "erroneous information regarding my departure from the company." Kranz said he wanted to "make it perfectly clear" that he resigned from his position. Kraz had only been hired in July in a wave of fanfare about "accelerating" the company's vehicle production.