Henrik Fisker announced his resignation from the Anaheim, Calif.-based company in an e-mail, elaborating to Automotive News that he made the decision after "several major disagreements" with executives "on the business strategy." Fisker, a long-time automotive exec who once led Ford Motor Co.'s London design center, did not elaborate further.
The resignation comes at a difficult time for Fisker Automotive, which was founded in 2007 and has raised more than $1.2 billion in debt and venture financing from investors including Kleiner Perkins Caufield & Byers, New Enterprise Associates and Palo Alto Investors as well as high-net-worth individuals.
But Fisker Automotive last year lost access to part of a $529 million U.S. government loan that was to be used to fund production of its $50,000 Atlantic sedan due to the company's failure to meet production and sales milestones. The company hit another speed bump in October when battery supplier A123 Systems Inc. filed for bankruptcy.
Fisker Automotive's troubles, combined with the government loan it received, has made the company a political lightning rod, with Sen. Chuck Grassley, R-Iowa, last month saying the automaker "looks like another example of taxpayer dollars going to a failed experiment."
Fisker Automotive in December retained Evercore Partners Inc. to consider options, and last month reports surfaced that the company was in talks with Chinese automakers including Dongfeng Motor Corp. and Geely Automobile Holdings Ltd. about potential capital infusions. If a deal materializes, Fisker Automotive would follow in the footsteps of A123, which last month was sold to an affiliate of China's Wanxiang Group Corp.
An automotive restructuring source said the departure of Henrik Fisker could make it easier for the automaker to make difficult choices in the near future, noting that it is not uncommon for a founder to step away as a business matures. "This is part of the transformation process," the source said.
Fisker Automotive in a statement thanked its founder for his contributions, and said that "the company has a strong and experienced management team and its strategy has not changed." The automaker added that the departure would not affect the company's search for new financing.
Denis A. Bovin, who has connections from corporations to the U.S. government, joined Evercore Partners Inc. as a senior adviser, global technology and aerospace/defense. For other updates launch today's Movers & shakers slideshow.
The teen apparel retailer is running into a cash flow problem, and some investors say that it will need to get its turnaround in gear or it could run out of money within a year. More video