Dr. Yunseong Hwang Steps Down from Arrival’s Board of Directors

Rhea-AI Summary

Arrival (NASDAQ: ARVL) announced the immediate resignation of Dr. Yunseong Hwang from its Board of Directors, effective March 16, 2023. Dr. Hwang, who joined the board in July 2021, also served on the Nominating and Corporate Governance Committee. Both Dr. Hwang and Arrival's Founder, Denis Sverdlov, expressed mutual gratitude for his contributions to the company. Arrival focuses on innovative production methods for electric vehicles through local Microfactories, aiming to eliminate fossil fuel vehicles in urban environments.

Positive

• Dr. Hwang provided extensive industry experience to the board during his tenure.
• Arrival's focus on innovative production methods may strengthen its market position.

Negative

• Dr. Hwang's departure could lead to concerns about continuity in leadership.
• The company may face challenges in filling the experience gap left by Dr. Hwang.

LUXEMBOURG, March 16, 2023 (GLOBE NEWSWIRE) -- Arrival (NASDAQ: ARVL), inventor of a unique new method of design and production of electric vehicles (EVs) by local Microfactories, has announced today that Dr. Yunseong Hwang has stepped down from the Arrival Board of Directors, effective immediately.

Dr. Hwang has served on Arrival’s Board of Directors since July 2021 and was a member of the Nominating and Corporate Governance Committee.

“I have enjoyed working with Arrival, the senior leadership team and my fellow board members and am grateful for having had the opportunity to serve on Arrival’s board for the last year and a half. I offer my best wishes for the company’s success,” said Dr. Hwang upon his resignation.

“Arrival has greatly benefited from Yunseong’s extensive industry experience and we have been very fortunate to have his guidance on our board since 2021. We wish him all the best and thank him for his service,” said Denis Sverdlov, Founder and Chairman of the Board.

About Arrival

Arrival’s mission is to master a radically more efficient New Method to design, produce, sell and service purpose-built electric vehicles, to support a world where cities are free from fossil fuel vehicles. Arrival’s in-house technologies enable a unique approach to producing vehicles using rapidly-scalable, local Microfactories. Arrival (NASDAQ: ARVL) is a joint stock company governed by Luxembourg law.

Media Contacts For Arrival

Media
pr@arrival.com
Investors
ir@arrival.com

FAQ

Why did Dr. Yunseong Hwang resign from Arrival's Board?

Dr. Yunseong Hwang stepped down to pursue other opportunities, expressing gratitude for his time with the company.

What impact does Dr. Hwang's resignation have on Arrival?

His resignation may raise concerns about continuity in leadership and experience within the Board.

When did Dr. Hwang join Arrival's Board of Directors?

Dr. Hwang joined Arrival's Board on July 2021.

Who is the CEO of Arrival?

The press release does not specify the current CEO of Arrival.

What is Arrival's focus in the electric vehicle market?

Arrival focuses on designing and producing electric vehicles using innovative local Microfactories.