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UK battery startup Britishvolt announced on Friday that the company’s founder and CEO, Orral Nadjari will step down from his leadership position. The company announced that Deputy CEO and president of global operations Graham Hoare, a longtime auto industry executive, will be interim CEO.
Before joining Britishvolt, Hoare was chairman at automotive manufacturer Ford (NYSE:F) and spent 19 years at the company.
Speaking on his new Britishvolt CEO role, Hoare said: “Orral provided powerful insights, and a tenacious approach, that ensured the early ideas for the company were brought to fruition. I thank him for his huge commitment, energy, and contributions.”
The executive changeup comes amidst reports that the company’s factory plans are on “life support” to cut costs. A report in The Guardian this month said that work on the factory has been severely restricted until February as Britishvolt works to secure more funding and power supply infrastructure.
“Although it was a difficult decision for me to step away from the operational management of the company, now is the right time for me to pass the reins, after laying the foundations, to our hugely talented, world-leading team, who will drive the business forwards as it enters the execution phase,” said Orral Nadjari, founder, Britishvolt.
