Written by Cláudio Afonso | LinkedIn | X
Electric vehicle startup Canoo announced on Tuesday that Chief Financial Officer Greg Ethridge and General Counsel Hector Ruiz have resigned, prompting a leadership reshuffle as the company restructures its operations.
In a new SEC filing released after the market close, the company also informed that Kunal Bhalla, who joined the EV maker in 2020, has been named as the new CFO.
“On October 31, 2024, Greg Ethridge, the Chief Financial Officer of Canoo who previously served as the CFO of Canoo’s SPAC sponsor Hennessey Capital before transitioning to the Company’s Board as the SPAC’s representative and Hector Ruiz, General Counsel and Corporate Secretary of Canoo, notified Canoo of their resignations,” the company said in the filing.
Bhalla, a former Rothschild & Co. director with a background in mergers and acquisitions, previously served as Chief of Staff to the CEO and held roles in corporate development and investor relations, according to Canoo.
The EV maker also appointed Sean Yan as General Counsel and Secretary, while Ramesh Murthy, currently Chief Accounting Officer, will take on additional duties as Chief Administrative Officer.
In the same SEC filing, Canoo said it is implementing a $12 million revolving credit facility from AFV Management Advisors, LLC, a firm affiliated with CEO Tony Aquila, to support its financial needs.
Last week, the company announced it had furloughed 23% of the workforce, equivalent to 30 employees, at its Oklahoma plant as part of what it described as a “broader realignment of North American operations.”
Canoo shares closed 10.54% higher at $0.43 on Tuesday after having declined 50% between last week and Monday.
Canoo’s internal memo, issued by General Counsel Hector Ruiz, notified staff that the furlough period may be “adjusted at the sole discretion of the company.”
In addition to the furlough, employees were informed that health insurance coverage would end effective October 31, the day they were notified. However, on Saturday, Canoo issued a new statement extending health benefits for furloughed workers through November 30, responding to concerns raised by affected employees.
In a new statement, the EV maker said on Saturday it would extend healthcare benefits for furloughed employees from October 31 to November 30, responding to feedback from affected workers.
“We are committed to supporting our impacted workers during this challenging time and will provide necessary resources to assist them,” Canoo said.
Written by Cláudio Afonso | LinkedIn | X
The post Canoo Names New CFO and General Counsel Following Key Executive Resignations first appeared on EV.