LUXEMBOURG – Arrival, an electric vehicle (EV) manufacturer, has announced the appointment of Igor Torgov as CEO, effective January 30, 2023. Torgov, who joined Arrival in February 2020, was previously the EVP of Digital and has held various COO, CEO, and leadership positions at several companies, including Microsoft. He holds an MBA in Strategic Management from California State University.
Torgov will be leading the restructuring of the company as it focuses on the development of its US Van product, which is expected to begin production in Charlotte in 2024. In an effort to reduce operating costs, Arrival has announced plans to reduce its global workforce by approximately 50% to 800 employees and halve the ongoing cash cost of operating the business to approximately $30 million per quarter.
Arrival has also appointed Teneo, a financial advisor, to help the company evaluate its strategic alternatives, including opportunities for raising additional capital, optimizing its balance sheet, and improving liquidity. The company will provide more details about its 2023 business plan and financial outlook in a Full Year 2022 Business Update webcast on March 9th.
Public road trials of Arrival’s first certified and registered vans are currently underway in the UK. As of December 31, 2022, Arrival had cash on hand of $205 million.
In a statement, Denis Sverdlov, Founder and Chairman of the Board, said, “Igor’s experience and detailed knowledge of Arrival’s business make him the ideal candidate to lead the company into the future.” Torgov, the new CEO, added, “We need to take swift action to unlock the growth potential of the EV market and address climate change. These decisions, while necessary, will have a profound impact on our colleagues and we are 100% committed to supporting them during this difficult process.”
