Faraday restores Jia Yueting as a company executive in the future.
CTOnews.com March 2 news, Faraday Future (Faraday Future) announced today that after the evaluation of the company's management organizational structure by FF's board of directors, Jia Yueting has been approved to report directly to the board of directors together with global CEO Chen Xuefeng. Based on changes in the company's internal responsibilities, the board of directors determined that Jia Yueting was a "senior executive" of the company within the meaning of Section 16 of the Securities and Exchange Act and an "executive" of the company within the meaning of Section 3b-7 of the Exchange Act.
Faraday Future said that from now on, Jia Yueting and Chen Xuefeng will report directly to the board of directors. At the same time, FFIE's board of directors also approved the company's product, mobile ecosystem, I.A.I and advanced R & D technology departments to report directly to Jia Yueting; approved the company's user ecosystem, capital markets, human resources and administration, the company's strategy department and various departments of FF China to report to Jia Yueting and Chen Xuefeng, provided that they followed the procedures and control measures determined by the board of directors in consultation with the company's management. The rest of the company, including finance and legal departments, continues to report to Chen Xuefeng, the global CEO, on a single line.
According to reports, considering that Jia Yueting has long-term value and indispensable significance to the company's products, technological innovation, I.A.I, advanced technology, product and technological capability improvement, and the company's development, as well as observing Jia Yueting's important contribution to the company's recent financing and the proposal to increase the number of authorized shares voted at the just-concluded special shareholders' meeting. After careful consideration, the board of directors agreed to promote Jia Yueting, founder and Chief Product and user Ecology Officer (CPUO) of Faraday Future to Section 16 Officer and CEO of the company.
CTOnews.com Note: "Section 16 officer" refers to executives under Section 16 of the US Securities Exchange Act who are required to report and disclose their transactions and shareholdings within the company in accordance with the regulations. These people are considered to have important decision-making power to the company, so they need to be disclosed to protect the interests of investors.
