8-K filed February 1, 2022, 6:59 PM ET ticker FFAI CIK 0001805521

other material confidence high sentiment negative materiality 0.85

Faraday Future special committee finds inaccurate disclosures; appoints Executive Chairperson, cuts CEO/founder pay

FARADAY FUTURE INTELLIGENT ELECTRIC INC.

Special committee concludes statements about founder YT Jia's role and 14,000 FF 91 reservations were inaccurate; only a few hundred were paid.
Susan Swenson appointed Executive Chairperson, effective immediately; CEO Carsten Breitfield and YT Jia report to her and receive 25% salary cuts.
VP Jerry Wang suspended; General Counsel Jarret Johnson separating; new Chief Compliance Officer to be hired.
Company will upgrade internal controls, hire additional accounting staff, and submit compliance plan to Nasdaq.
Other substantive allegations from short seller report were not supported by evidence, per the special committee.

item 5.02 item 8.01 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Brian Krolicki

Chairman of the Board

FFAI · FARADAY FUTURE INTELLIGENT ELECTRIC INC.

Effective: 2022-01-31
Filed: February 1, 2022, 6:59 PM ET

Brian Krolicki will step down from his role as Chairman of the Board and Chair of the Nominating and Corporate Governance Committee and become a member of the Audit and Compensation Committees of the Board,

Role change

Susan Swenson

Executive Chairperson

FFAI · FARADAY FUTURE INTELLIGENT ELECTRIC INC.

Effective: 2022-01-31
Filed: February 1, 2022, 6:59 PM ET

The appointment of Susan Swenson, currently an independent member of the Board, to the newly created position of Executive Chairperson of the Company.

Departed

Jiawei (Jerry) Wang

Vice President, Global Capital Markets

FFAI · FARADAY FUTURE INTELLIGENT ELECTRIC INC.

Effective: 2022-01-31
Filed: February 1, 2022, 6:59 PM ET

Jiawei (Jerry) Wang, the Company’s Vice President, Global Capital Markets, will be suspended without pay until further notice in connection with the matters referenced below, effective immediately.

Role change

Jordan Vogel

Lead Independent Director

FFAI · FARADAY FUTURE INTELLIGENT ELECTRIC INC.

Effective: 2022-01-31
Filed: February 1, 2022, 6:59 PM ET

The appointment of Jordan Vogel as Lead Independent Director;

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Brian Krolicki changed role as Chairman of the Board at FARADAY FUTURE INTELLIGENT ELECTRIC INC..

Action: stepped down
Role: Chairman of the Board

Exact text from the filing

Brian Krolicki will step down from his role as Chairman of the Board and Chair of the Nominating and Corporate Governance Committee and become a member of the Audit and Compensation Committees of the Board,

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Susan Swenson was appointed as Executive Chairperson at FARADAY FUTURE INTELLIGENT ELECTRIC INC..

Action: appointed
Role: Executive Chairperson

Exact text from the filing

The appointment of Susan Swenson, currently an independent member of the Board, to the newly created position of Executive Chairperson of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.85

Jiawei (Jerry) Wang departed as Vice President, Global Capital Markets at FARADAY FUTURE INTELLIGENT ELECTRIC INC..

Action: suspended without pay
Role: Vice President, Global Capital Markets

Exact text from the filing

Jiawei (Jerry) Wang, the Company’s Vice President, Global Capital Markets, will be suspended without pay until further notice in connection with the matters referenced below, effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jordan Vogel was appointed as Lead Independent Director at FARADAY FUTURE INTELLIGENT ELECTRIC INC..

Action: appointed
Role: Lead Independent Director

Exact text from the filing

The appointment of Jordan Vogel as Lead Independent Director;

View on SEC.gov

FARADAY FUTURE INTELLIGENT ELECTRIC INC. filing history →

Source: SEC EDGAR

accession 0001213900-22-004857

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