Embattled EV Startup Faraday Future Loses Finance Chief as Production Looms

Last week, electric vehicle (EV) startup Faraday Future revealed that its CFO, Walter “Chuck” McBride, had stepped down for health reasons. The Los Angeles-based company has appointed AlixPartners Managing Director Becky Roof to fill his role on an interim basis and retained the financial consulting firm, which specializes in corporate turnarounds.

McBride had only been with the company since November 2021, and took on the role after serving as the CFO for three other publicly traded companies, including Orange County Financial Services and Kistler Aerospace.

When McBride first joined the company, CEO Carsten Breitfeld said he brought “hands-on strategic planning, capital markets and infrastructure development experience across a diverse set of companies, which will be invaluable as FF moves through its exciting next phase of growth.”

The company will now be looking for someone with a similar background and skill set as it pursues its remediation plan.

In the company’s press release, Faraday Future Executive Chairperson Sue Swenson stated, “I am pleased to welcome Becky and the team from AlixPartners to drive this effort. Becky’s extensive public company experience, including successful turnarounds, gives us confidence that we can move even more quickly and efficiently.”

The debt-laden EV maker has faced a string of controversies since it first went public via a SPAC merger this past summer, including a warning for missing the date to file an earnings report and being called an “EV scam” by an investment firm.

This past February, ahead of the planned launch of its first product, the FF 91 Futurist, Faraday Future also disclosed that it had revamped its board, cut the pay of two leaders and let go of another executive after an investigation into inaccurate statements to investors.

The loss of McBride is huge for Faraday Future, as his veteran oversight lent an aura of credibility to the embattled EV company. Whoever the company hires as his permanent replacement will face an uphill battle to whip the company into shape as it transitions from an EV startup to a full-scale automotive production company.