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November 10, 2017 – Faraday Future (FF) announced today its decision to terminate the employment of Stefan Krause as the company's Chief Financial Officer effective immediately.
Stefan Krause's possible violation of law and lack of contribution to FF's goals over the course of his leadership since March has led to severe damages to the interests of FF and its investors. FF is currently taking legal actions as a result of Stefan Krause's malfeasance and dereliction of duty.
Pascal Coustar will temporarily lead the operations of FF's financial management.
Terminating the employment of Stefan Krause was a result of his actions in hindering FF's fundraising efforts. FF will continue our full efforts in expediting the fundraising process.
Further, the employment has been terminated immediately with Ulrich Kranz as FF's Chief Technology Officer. Ulrich Kranz has only been appointed in this role for over three months and this termination wouldn't affect the R&D process and product development of FF.
Since its establishment four years ago, Faraday Future has recruited and cultivated world-class research & development and management teams, mastered industry-leading proprietary technology, and created revolutionary products. Going forward, Faraday Future, together with all our employees and partners, will stay committed to our goal of revolutionizing the automobile industry by creating a next-generation smart and Internet-based mobility ecosystem and bringing unique value to our users.
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