Nio CFO Steven Feng resigns Stocks down more than 7% at open.
$NIO Inc(NIO.US$ $Tesla(TSLA.US$ $BYD COMPANY(01211.HK$ $XPeng(XPEV.US$ The article reported that Nio CFO (chief financial officer) Steven Feng has resigned, effective immediately, and has been replaced by a vice president. Nio announced today that Feng has tendered his resignation as CFO, effective July 5, for personal and family reasons.
My Take: Afonso from X.com revealed that Morgan Stanley analyst has just commented on Nio’s CFO departure saying he expects limited impact despite saying C-level changes are "rarely positive news". There are speculations that CFO's resignation is due to Nio disagreement between the CEO and CFO on the direction on how Nio should move forwards like the cash burning projects. I take such comments with a pinch of salt probably investors are venting their anger on the incompetent CEO. The stock is down more than 7% at open.
Source:
$BYD COMPANY(01211.HK$ $BYD Co.(BYDDF.US$ $S&P 500 Index(.SPX.US$ $Nasdaq Composite Index(.IXIC.US$ $Tesla(TSLA.US$ $VOLKSWAGEN A G(VWAGY.US$ $NIO Inc(NIO.US$ $Li Auto(LI.US$ $XPeng(XPEV.US$ $General Motors(GM.US$ $Ford Motor(F.US$ $Rivian Automotive(RIVN.US$ $MERCEDES-BENZ GROUP AG(MBGAF.US$ $TOYOTA MOTOR CORP(TOYOF.US$ $GEELY AUTO(00175.HK$ $Stellantis NV(STLA.US$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
2617Followers
85Following
11KVisitors
Follow
ZnWCOP : There are many conspiracy theories about the CFO's sudden resignation. From company facing bankruptcy, CFO corruption to sack by CEO; whether they are fake news or genuine inside info, Nio is facing one of the worst PR crises.
沉思的张飞 ZnWCOP: Everyday you play monodramas…
ZnWCOP 沉思的张飞: If you don't like, you can skip my post.