While an announcement was by no means made, Ford govt Alexandra Ford English left the Rivian board in May, in keeping with paperwork Rivian made public on October 1, forward of its deliberate preliminary public providing.
see photographsFord, which has a greater than 5% stake in Rivian, had a seat on its board when it was a personal firm.
Ford Motor Co., which has repeatedly touted its strategic relationship with electrical car maker Rivian, now has no representatives on the startup’s board of administrators earlier than going public. While an announcement was by no means made, Ford govt Alexandra Ford English left the Rivian board in May, in keeping with paperwork Rivian made public on October 1, forward of its deliberate preliminary public providing. Ford vice chairman Doug Power changed English in June and left the board in September. “Rivian is a strategic investment and we are still exploring ways of possible collaboration with them. We have nothing to announce today,” Ford spokesman Ian Thibodeau stated on Wednesday.
Ford, which holds greater than a 5% stake in Rivian in keeping with a submitting with the U.S. Securities and Exchange Commission, had a seat on the Rivian board when it was a personal firm, however wouldn’t proceed as Rivian went public, stated Thibodeau. he stated . English, the daughter of Ford’s govt chairman Bill Ford, joined Rivian’s board in May 2020, changing Joe Heinrichs after leaving Ford. RJ Scaringe, Rivian’s chief govt on the time English was added, cited his ardour for mobility and electrification, in addition to his connection to the corporate’s lengthy household function in transportation.
RJ Scaringe, Rivian’s chief govt on the time English was added, cited his ardour for mobility and electrification, in addition to his connection to the corporate’s lengthy household function in transportation.
Rivian declined to touch upon Wednesday past paperwork it filed with US regulators, citing the quiet interval earlier than its IPO. “Following this offering, none of our shareholders will have any contractual right to elect or nominate members of our board of directors,” Rivian stated in an SEC submitting. When Ford stated in March that English would be a part of Ford’s board, its press launch recognized her because the No. 2 US automaker’s consultant on Rivian’s board. A spokeswoman stated she was formally elected to Ford’s board in May and that her exit from Rivian’s board was in anticipation of that.
Ford executives have repeatedly pressured that the corporate’s relationship with Rivian is strategic, however in April 2020 Ford’s Lincoln division scrapped plans to construct EVs with Rivian to economize throughout the pandemic . According to SEC filings, Ford has invested greater than $820 million in Rivian in two fundraising rounds. The submitting didn’t embody data on the most recent $2.5 billion funding spherical introduced in July that additionally concerned Ford.
Amazon.com and Cox Automotive, wherein Rivian additionally holds greater than 5%, nonetheless have board representatives. In May, Ford’s chief product platform and operations officer Hou Thai-Tang referred to as Rivian a strategic accomplice and stated that Ford was nonetheless utilizing Rivian’s merchandise. In a February convention name with analysts, Ford CEO Jim Farley stated, “We like what RJ is doing at Rivian. It’s a strategic investment. It’s not a transactional investment. We’ll keep you updated, But it is a very fundamental condition.”
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