The Swedish battery-maker, which filed for U.S. bankruptcy protection on Thursday, said that it’s started searching for a new CEO and that Carlsson will remain on as a senior adviser and board member. The company will be jointly led by chief financial officer Pia Aaltonen-Forsell, newly appointed chief operations officer Matthias Arleth and chief restructuring officer Scott Millar. (The Logic)
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The Swedish battery-maker, which filed for U.S. bankruptcy protection on Thursday, said that it’s started searching for a new CEO and that Carlsson will remain on as a senior adviser and board member. The company will be jointly led by chief financial officer Pia Aaltonen-Forsell, newly appointed chief operations officer Matthias Arleth and chief restructuring officer Scott Millar. (The Logic)
Talking point: Northvolt said the decision highlights its “commitment to adapting” and that the new leadership will focus on “sustainable growth” and “operational efficiency.” The company had only US$30 million—or one week’s worth of cash—on hand when it filed for Chapter 11 protection in Texas on Thursday. But it said its Quebec subsidiary is not part of the group filing for protection. “The Chapter 11 filing allows a period during which the company can be reorganized … and ultimately position itself for the long term. That makes it a good time for me to hand over,” Carlsson said in a press release.
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