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FSR Stock sinks 10% with Fisker’s fresh Chief Accounting Officer.

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TLDR:

– Fisker, an electric vehicle (EV) company, has appointed Angel Salinas as its new Chief Accounting Officer (CAO) effective immediately.
– Salinas brings over two decades of experience from PricewaterhouseCoopers and will focus on regulatory compliance and audits.
– Fisker has experienced management shakeups in the past and FSR stock has dropped 30% this year.

Fisker has announced yet another management change with the appointment of Angel Salinas as its new Chief Accounting Officer (CAO). Salinas, who brings over two decades of experience from PricewaterhouseCoopers, will be responsible for regulatory compliance and audits. The appointment comes after Fisker’s previous CAO, Florus Beuting, resigned after less than two weeks on the job. This recent management change is just one of many that Fisker has experienced, leading to a 30% drop in FSR stock this year.

Fisker’s decision to bring on Salinas comes as the company prepares for a pivotal year in 2024. The company plans to implement a new sales approach, including a dealer partnership model in the U.S. and a direct sales and dealer arrangement model in Europe. Fisker also aims to add 100 dealer partners across the United States, Canada, and Europe by the end of the year. The company hopes to align these changes with its asset-light business model and accelerate Fisker Ocean deliveries and production of future models.

While Fisker experienced significant growth in 2023, producing 10,142 Ocean EVs and delivering 4,700 of them, the company faced challenges in its accounting and internal control systems. Fisker’s delayed 10-Q filing was attributed to material weaknesses in its internal control over financial reporting as a result of a lack of accounting professionals, information sharing issues, and insufficient accounting controls. The appointment of Salinas as CAO is part of Fisker’s effort to address these issues and manage the company’s anticipated rapid growth in 2024 and beyond.

Overall, Fisker’s appointment of Angel Salinas as its new Chief Accounting Officer highlights the company’s determination to address its management challenges and strengthen its internal control systems. As Fisker prepares for a significant year of growth and change, the company is positioning itself to enhance its financial reporting and meet its goals in the EV market.

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