Stellantis finance executive joins Polestar as their new Chief Financial Officer
In a recent press release, electric performance car brand Polestar announced significant changes in its leadership team. Johan Malmqvist, former Polestar CFO, has moved on to become the CFO of electric aviation startup Lilium. His departure comes at a time when Polestar is facing financial challenges, having struggled to maintain compliance with the Nasdaq's minimum bid price requirement, which may lead to the company's delisting from the stock exchange.
To address these financial challenges, Polestar has appointed Jean-Francois Mady as its new CFO, effective from October 21. Mady brings with him over two decades of experience in automotive finance, having spent more than two decades at PSA Group. Most recently, he held the position of SVP of global accounting operations and finance transformation at Stellantis.
The appointment of Mady is a strategic move for Polestar, as they aim to turn their financial fortunes around. Michael Lohscheller, the incoming CEO of Polestar, emphasised that Mady's appointment is an important step towards making Polestar a financial success. Lohscheller also stated that Polestar will benefit from Mady's "wealth of experience and best practice competence."
Meanwhile, Polestar continues to forge ahead with its expansion plans. The production of Polestar 3 in South Carolina marks a significant milestone in the company's efforts to expand its operations. This move is considered crucial for the company's growth, as former CEO Thomas Ingenlath has previously stated that U.S. manufacturing is crucial for Polestar.
Per Ansgar, who served as Polestar's CFO on a transitional basis, is returning to his position as CFO of Geely Sweden Holding. The production of Polestar 3 in South Carolina is significant for the company, as it is the latest vehicle being produced by Polestar.
As Polestar continues to navigate its financial challenges and expand its operations, the appointment of Jean-Francois Mady as CFO is a positive step towards securing a stable financial future for the company. The production of Polestar 3 in South Carolina is a testament to the company's commitment to growth and expansion, and it will be interesting to see how these developments unfold in the coming months.
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