New CEO has CFO experience on his CV. . .

By Gary S. Vasilash

Earlier this year Polestar Automotive had a bit of difficulty with getting its annual report put together. That nearly had the EV company delisted from Nasdaq.

But it resolved that issue.

Then in July the company announced it “received notice from the Nasdaq Stock Market LLC that the Company is not currently in compliance with the $1.00 minimum bid price requirement, as set forth in Nasdaq Listing Rule 5450(a)(1).”

This means that it needs to have a closing price of at least $1 for 10 consecutive business days. (It has until January 2 to meet that requirement. Then it has the opportunity to get 180 days beyond that.)

Which is to say that it still isn’t out of the proverbial woods yet vis-a-vis Nasdaq.

Today the company announced that its original CEO, Thomas Ingeniath, has resigned, effective October 1.

He is to be replaced by Michael Lohscheller.

Lohscheller has an extensive career in the auto industry.

His resume includes being chief financial officer of Mitsubishi Motors and CFO at Volkswagen Group of America. (CFOs aren’t as flashy as CEOs or chief technology officers, but their guidance is essential to the operation of a company because at the end of the day, black ink

He was CEO of Opel.

In July 2021 he was named president of Vinfast. That lasted until late December 2021.

Next up, he went to Nikola Motor in February 2022 as president. That lasted until August 2023.

And now Polestar.

Presumably Lohscheller’s financial acumen will serve him well at Polestar.

He’ll need it.

The trying situations of his last two employers in the U.S. market should be good experience for Lohscheller.