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Arrival Named Digital Leader Igor Torgov As CEO; To Slash 800 Jobs To Control Costs

Benzinga Real-time News · Jan 31, 2023 08:44

MSFT -1.44%

Arrival (NASDAQ:ARVL) named former Arrival EVP of Digital Igor Torgov as the new CEO, effective January 30, 2023.
Igor joined Arrival in February 2020 and has led the development of multiple divisions.
Before Arrival, Igor held numerous COO, CEO, and leadership positions at Atol, Bitfury, Yota, Columbus IT, and Microsoft Corp (NASDAQ: MSFT).
Igor succeeded F. Peter Cuneo, who served as the interim CEO since November 2022.
In November, Denis Sverdlov stepped down from his role as CEO and became the Chairman of the Board, succeeding Cuneo.
Arrival previously shared its plan to refocus its resources on developing its U.S. Van product. The company expects to start production in Charlotte in 2024, subject to raising additional capital.
Arrival aimed to slash its global workforce by 50% to 800 employees to halve the ongoing cash cost of operating the business to $30 million per quarter.
Arrival hired Teneo, a financial advisor, to assist the company in evaluating strategic alternatives.
Price Action: ARVL shares are trading lower by 2.31% at $0.38 premarket on the last check Tuesday.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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