Arrival in SA (NASDAQ: ARVL) shares rose sharply in premarket trading Friday after announcing a CEO change over Thanksgiving.
The European EV company said Thursday that Peter Cuneo will take over as interim CEO while the current director Denis Sverdlov has resigned. Sverdlov will swap places with Cuneo to join the company’s board as chairman.
“I want to bring the depth of my experience to this role, to ensure that the Company achieves some of its goals,” Cuneo said Thursday. “I look forward to working closely with Denis, the entire Board and our staff to benefit everyone involved in Arrival.”
Shares of the Luxembourg company rose 7.75% in premarket sales on Friday. The company’s stock has fallen sharply 95% in 2022.
Elsewhere, the company revealed that Avinash Rugoobur stepped down as President and Chief Strategy Officer on November 22 “for personal reasons,” but will retain a board seat.