Henrik Fisker cited issues with executive management

Fisker Automotive's Henrik Fisker resigned from his position as executive chairman for the company today due to disagreements with other executives.

Fisker, who co-founded Fisker Automotive in 2007, stepped down as executive chairman today citing "several major disagreements" with "Fisker Automotive executive management on the business strategy."

Fisker has released this official statement on the resignation:

Fisker Automotive announced today the resignation of its Executive Chairman, Henrik Fisker. The Company recognizes and thanks Mr. Fisker for his service and many contributions as Fisker Automotive has progressed from start-up to a fully-fledged global automotive company.

Fisker Automotive is proud to have launched the world's first extended-range luxury electric car, the award-winning Karma sedan. The Company has a strong and experienced management team and its strategy has not changed. Mr. Fisker's departure is not expected to impact the Company's pursuit of strategic partnerships and financing to support Fisker Automotive's continued progress as a pioneer of low-emission hybrid electric powertrain technology.

While the specifics concerning the disagreements between Fiskers and executive management are not available, some suspect that recent talks with Chinese automaker Geely Automobile may have something to do with it.

Fisker received $529 million in DOE loans in April 2010. The loans were part of a program to progress development of high-tech vehicles, where Fisker received $169 million for Karma plug-in engineering and $359 million for Nina production. The loans were also meant to revamp a closed General Motors plant in Wilmington, Delaware for Fisker EV production. However, Fisker fell a little behind on its production schedule, and in May 2011, DOE froze the loans due to "unmet milestones." Fisker had only drawn $193 million of it at that point.

Due to these money issues, Fisker is having a hard time securing funds to make its second car -- the Fisker Atlantic.

That's where Geely Automotive comes in. Fisker has been open to selling a majority stake of the company to Geely in order to fund the development of the Atlantic, but this potential decision has been controversial since Geely is a Chinese company and Fisker was funded by the U.S. government for its Karma plug-in.

Two U.S. senators -- Sens. Chuck Grassley (R-Iowa) and John Thune (R-South Dakota) -- have expressed concern that taxpayer dollars will support a company with foreign ownership if Fisker is acquired by a Chinese company.

Fisker Automotive has had quite a year with executive hiring. In February 2012, Henrik Fisker stepped down as CEO and Tom LaSorda took his place. After only six months of service, LaSorda left the company. Tony Posawatz, who was the former head of Chevrolet Volt production for General Motors, stepped in as Fisker's CEO in August 2012.

Source: Autoblog

"It seems as though my state-funded math degree has failed me. Let the lashings commence." -- DailyTech Editor-in-Chief Kristopher Kubicki

Most Popular Articles

Copyright 2018 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki