Written by Cláudio Afonso | LinkedIn | X
Electric vehicle maker Nio announced on Friday that its Chief Financial Officer Steven Wei Feng has resigned after five years in the company due to “personal and family reasons”.
As the resignation has immediate effect, Nio‘s board has promoted its Senior Vice President of Finance, Stanley Yu Qu, to become the new Chief Financial Officer.
In a statement, the Board said it “believes that Mr. Qu is a highly qualified and suitable candidate”.
Year to date, Nio shares have lost 46 percent of their value. The stock reached its all-time high in January 2021, peaking at nearly $67 per share shortly after the company introduced the Nio ET7, the first model from its second-generation platform (NT2).
On Wednesday, Nio shares closed at $4.87 per share. Following the news, the stock is trading 2.05 percent lower during the pre-market trading session.
Since joining the company in October 2016, Mr. Qu “has demonstrated strong expertise and leadership in overseeing Nio’s overall financial and reporting functions,” the company said.
“Prior to joining NIO, Mr. Qu held various financial leadership roles at leading multinational companies including Lear Corporation and Johnson Controls, from 2013 to 2016,” Nio stated.
“Before that, he worked at PricewaterhouseCoopers for ten years. Mr. Qu holds a Master’s Degree in Accounting from Shanghai University of Finance and Economics and a Bachelor’s Degree in Accounting from Peking University” the company added.
Earlier this week, the company reported the delivery of 21,209 vehicles in June, surpassing its estimates of between 17,800 and 19,8000 vehicles.
The result represents a year-over-year growth of 98.10 percent and brings the quarterly deliveries to 57,373 units, a growth of 143.90 percent. As of the time of writing, Nio US-listed stock is trading 4.33 percent higher at $4.33 per share following the news.
Written by Cláudio Afonso | LinkedIn | X
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The post Nio CFO Resigns with Immediate Effect After 5 Years in the Company first appeared on EV.