Source: Phoenix Technology News
On April 26, Phoenix Technology News conducted an exclusive interview with FF founder Jia Yueting. In response to the accusations that "Wall Street bankruptcy gang" control led to the depletion of $1 billion, and the SEC documents showing Jia Yueting's involvement in decision-making, Jia Yueting made a response and detailed disclosed the changes in company governance after FF went public.
According to Jia Yueting, after FF went public, a board of directors and a special committee (Special Committee) were quickly established, followed by the formation of an independent investigation team, mainly targeting himself and the Chinese-American executive team. "Since the independent investigation began, I have lost all top-level decision-making power," said Jia Yueting, and this situation is clearly recorded in the SEC documents.
Jia Yueting divided FF's management process into several stages. In the first stage, almost all major decision-making power of the board was controlled by the special committee, which appointed the executive chairman to manage the company. "Not only can I not make decisions, but I have also been deprived of the opportunity to participate in decision-making. Many Chinese-American executives have also been marginalized from the company."
The second stage, as Jia Yueting called it, was the period of "Wall Street mafia" control. He stated that the directors sent by the merger party were "famous Wall Street bankruptcy directors." During their more than one year of controlling the company, "they burned through $1 billion, but failed to deliver the cars." After the investigation ended, Jia Yueting said no substantive problems were found, but the company had suffered serious losses.
Afterwards, although the partner company controlled the FF board of directors, the board was still dominated by independent directors. Jia Yueting frankly admitted that as CEO, he could participate in proposing opinions and suggestions, "but the most important financial line, legal line, and supply chain line, I have no top-level decision-making power, only participation rights." Despite this, this stage was an improvement compared to the first stage, allowing FF to deliver FF 91 according to plan.
Jia Yueting stated that there has been another significant change in the company's governance structure recently, which he sees as "a very significant milestone in the history of FF and FX development," and he believes this will bring a turning point for the company.
Original article: https://www.toutiao.com/article/7497868187623572008/
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