ARVL - Why Arrival Stock Is Up Today
The CEO of Arrival (NASDAQ: ARVL) is stepping down, part of a broader shakeup at the troubled electric vehicle (EV) manufacturer . Investors are hoping the reshuffling will have a positive impact, sending shares of Arrival up as much as 18% on Friday.
Arrival came to market in March 2021 via a deal with a special purpose acquisition company ( SPAC ) with plans to develop battery-powered vans, buses, and cars. But the company has had a difficult time since going public. In August, Arrival shelved its bus and car projects in favor of developing an electric van for United Parcel Service . In October, the company cut about one-third of its staff to preserve cash.
On Thursday, Arrival announced founder Denis Sverdlov is stepping down as CEO and has been appointed chairman of the company's board. Peter Cuneo, a current board member, has been appointed as interim CEO. Company president and chief of strategy Avinash Rugoobur has also resigned, but will remain a board member.
For further details see:
Why Arrival Stock Is Up Today