- Mr. Edwin Goh and Dr. Carsten Breitfeld have stepped down from the Faraday Future Board
- FF Global CEO Xuefeng Chen(“XF”) succeeds Carsten Breitfeld as Executive Director of FFIE Board of Directors
- Ms. Ke Sun, has been nominated as a new independent board member of the FFIE Board of Directors
- FF Global Partners(“FFGP”) and FFIE are discussing further governance changes to maximize company value
LOS ANGELES, Dec. 29, 2022 /PRNewswire/ — FF Top, which is controlled and managed by FF Global Partners LLC (“FFGP”), the founding shareholder and a partnership of mostly key Faraday Future (“FF”, “FFIE”, “the Company”) executives, announced the nomination of Ms. Ke Sun as replacement FFGP Designee to fill the recent vacancy created by the resignation from the FFIE Board of Directors by Designee Mr. Edwin Goh.
Former FF Global CEO Carsten Breitfeld had also stepped down from the FFIE Board of Directors on December 26, 2022, the new FF Global CEO, Xuefeng Chen(“XF”), succeeded Mr. Breitfeld as executive director of the FFIE Board of Directors.
Ms. Ke Sun served as the Chief Financial Officer of Yudo New Energy Auto, an electric vehicle OEM in Fujian Province, China. From September 2017 to May 2019, Ms. Sun served as an independent financial adviser and assisted in the fundraising efforts of HoloMatic Technology Ltd. Prior to that, Ms. Sun worked for BAIC Motor ltd. (HKG:1958), an OEM affiliate of Beijing Automotive Group, a Fortune Global 500 conglomerate, since June 2016 and held the position of Secretary of the Board of Directors from September 2016 to September 2017. Before joining BAIC Motor, Ms. Sun worked on the strategic investment team at a Chinese internet company and a global media group. Ms. Sun received a bachelor’s degree in International Financial Law from the Dalian Maritime University, China. She also holds a Secretary of the Board of Directors Certificate from the Shanghai Stock Exchange and a Fund Qualification Certificate from the Asset Management Association of China. Ms. Sun Serves on the FF board of directors based on her professional knowledge of large corporation board governance, finance & investment and her extensive background in the auto industry.
“I am pleased to see the recent changes to the FFIE’s Board of Directors. This will be a key turning point to best support reaching the most important strategic goal – the delivery of FF 91 Futurist on time and with high quality, to create value for all shareholders.” said Jerry Wang, President of FFGP.
FF Global Partners has given the Company the chance to move forward, following an unfortunate period in which the Company’s operations were defined by infighting and the destruction of shareholder value.
FFGP is seeking changes to the Company’s governance that are based on proven industry precedent. As the founding shareholder, and as a partnership largely comprised of current and former key FFIE executives, FFGP believes that these additional governance improvements, if implemented, will help further align the Company with shareholder interests and will help maximize the Company’s value and achieve the Company’s goals.
FF Global Partners is a “Futurist Alliance” composed of dozens of core members of FF from different professional disciplines such as AI, Internet, IT and automotive who share the same vision and values. Our governance structure mostly referred to the Alibaba model – all partners share entrepreneurship, ownership, risks, governance, and exercise top-level control over FF together, and ultimately realize a shared dream and mission. It is a proven industry best practice and has provided FF with a unique competitive advantage and cornerstone for success in company culture, governance structure and talent system. All partners represent the real interests of the company.
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This communication is not a solicitation of proxies in connection with any matter to be voted upon by stockholders.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “”future,” “propose”, “potential” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of FF Top, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the Company’s ability to satisfy the conditions precedent and close on the various financings referred to in this press release, the failure of any which could result in the Company seeking protection under the Bankruptcy Code; the failure of the conditions to the full implementation of FF Top’s governance agreement with the Company to be satisfied and other factors. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FF Top does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE FF Top Holding LLC