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Arrival stock surges as CEO steps down

Arrival SA (NASDAQ:ARVL) shares rose sharply in premarket trading on Friday after announcing a CEO transition on Thanksgiving.

The European EV company said on Thursday that Peter Cuneo will assume the role of interim CEO as current top executive Denis Sverdlov steps down. Sverdlov will trade places with Cuneo to join the company’s board as chairman.

“I intend to bring the full depth of my experience to this operational role, ensuring that the Company executes on its next set of strategic goals,” Cuneo commented on Thursday. “I look forward to working closely with Denis, the rest of the Board and our employees for the benefit of all Arrival’s stakeholders.”

Shares of the Luxembourg-based company rose 7.75% in premarket trading on Friday. The company’s stock has plummeted over 95% in 2022.

Elsewhere, the company indicated that Avinash Rugoobur resigned as President and Chief of Strategy on November 22 “for personal reasons,” but will retain a board seat.