Appointment of a former CFO to lead the start-up tells all about its situation, but there's hope on the horizon
Polestar’s announcement in August that it was switching CEOs was a wide-open window into the ailing condition of the electric car start-up spun out of Volvo. The CVs of the two were instructive. Out went former designer Thomas Ingenlath and in came former chief financial officer Michael Lohscheller. Ingenlath had been promoted from his role as head of design of Volvo in 2017 form a new electric subsidiary with aesthetics at its core.
Along with the exit of Ingenlath, Polestar announced the retirement of chairman Håkan Samuelsson, the former CEO of Volvo, and installed in his place former Skoda CEO and ex VW heavyweight Winfried Vahland. Meanwhile a new chief financial officer, Jean-Francois Mady, was appointed from Stellantis. The company has also been cutting costs in part by reducing headcount by 500 last year through the means of a hiring freeze.
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