Fisker Inc., an automotive company incorporated in Delaware and listed on the New York Stock Exchange under the symbol FSR, has announced significant corporate changes in early January 2024. On January 8, 2024, the company appointed Angel Salinas as the new Chief Accounting Officer, effective immediately. Salinas, 49, will receive a $350,000 annual salary, participate in bonus and stock-based compensation programs, and receive an equity award of restricted stock units valued at $700,000. Additionally, Fisker will cover up to $10,000 of Salinas' relocation expenses. Alongside this appointment, Fisker is undergoing a strategic transition in its distribution model. The company, historically using a direct-to-consumer model, announced on January 4, 2024, that it would shift to a dealer sales model, aligning with traditional automotive industry practices. This change...Show More

Fisker Inc., an automotive company incorporated in Delaware and listed on the New York Stock Exchange under the symbol FSR, has announced significant corporate changes in early January 2024. On January 8, 2024, the company appointed Angel Salinas as the new Chief Accounting Officer, effective immediately. Salinas, 49, will receive a $350,000 annual salary, participate in bonus and stock-based compensation programs, and receive an equity award of restricted stock units valued at $700,000. Additionally, Fisker will cover up to $10,000 of Salinas' relocation expenses. Alongside this appointment, Fisker is undergoing a strategic transition in its distribution model. The company, historically using a direct-to-consumer model, announced on January 4, 2024, that it would shift to a dealer sales model, aligning with traditional automotive industry practices. This change presents challenges in evaluating Fisker's business and financial prospects due to the rarity of such a transition in the industry. The company warns that delays in obtaining necessary licenses and permits for the new model could negatively impact vehicle sales and revenue. Fisker's ability to successfully manage this transition is critical to its future business and financial results.