Fisker (NYSE:FSR) has gone through its fair share of management shakeups. And the electric vehicle (EV) company just announced another one this morning.
Effective immediately, Angel Salinas will take on the role of Chief Accounting Officer (CAO). This role reports directly to CFO Dr. Geeta Gupta-Fisker.
Salinas most recently held the role of Assurance Partner at big four accounting firm PricewaterhouseCoopers (PwC), where he worked for over two decades. At PwC, Salinas had a focus on regulatory compliance and audits. Salinas is also a Certified Public Accountant (CPA) member.
“I’m excited to join Fisker at such an exciting point in its history and looking forward to working with executive leadership and the accounting team to help manage the continued rapid growth the company expects to experience in 2024 and beyond,” said Salinas.
FSR Stock: Fisker Appoints Angel Salinas as CAO
Florus Beuting, Fisker’s last CAO, joined the company on Nov. 6. By Nov. 14, he had disclosed his intention to leave the company.
Fisker didn’t provide a reason for Beuting’s abrupt departure, which also resulted in Fisker delaying its 10-Q filing due to “material weaknesses in the Company’s internal control over financial reporting.” Fisker ended up filing its 10-Q on Nov. 22. The filing stated that a lack of accounting professionals, information sharing between departments, and insufficient accounting controls contributed to its delayed filing.
2024 will be a pivotal year for the company, as it is taking on a brand new sales approach. Fisker is planning on creating a dealer partnership model in the U.S. and a direct sales and dealer arrangement model in Europe. By the end of the year, it expects to add 100 dealer partners across the United States, Canada and Europe.
“Fisker is making this move to align with its asset light business model and to scale for significant acceleration of Fisker Ocean deliveries and higher volume production of additional future models,” said Fisker.
In 2023, Fisker produced a total of 10,142 Ocean EVs and delivered 4,700 of them. Deliveries increased by over 300% from Q3 to Q4.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
