Faraday Future founder named co-CEO three years after being sidelined by internal probe

Troubled electric vehicle startup Faraday Future’s board of directors has appointed founder Jia Yueting as the company’s co-CEO, three years after he was sidelined following an internal probe into allegations of fraud — a probe that led to a investigation by the Securities and Exchange Commission that remains ongoing. Jia will serve alongside current CEO Matthias Aydt and will oversee Faraday’s finance, legal, and supply chain teams, the company announced in a press conference Thursday. Aydt is a longtime Faraday Future employee who was once placed on probation after he offered to pay a Faraday Future board member up to $700,000 to resign in the middle of a months-long power struggle over the company. Jia’s appointment comes just one month after Faraday Future named Jia’s nephew Jerry Wang as president of the EV startup. Wang resigned in 2022 as a result of the internal probe because of a “failure to cooperate with the investigation” according to filings with the Securities and Excha ... Read full article.