In a recent shift within its corporate governance, Fisker Inc. (NYSE:FSR) (OTS:FSRN), an electric vehicle manufacturer, announced the appointment of John S. Dubel to its board of directors, effective immediately. The announcement came on the heels of William R. McDermott’s resignation from the board and the Audit Committee on March 28, 2024, due to his employer's request to lessen his external board commitments. The company clarified that McDermott's departure was not due to any disagreements with Fisker's practices or strategies.
John S. Dubel, now a Class II director whose term will expire at the 2025 annual stockholders meeting, also joins the Audit Committee. According to the company's statement, Dubel's selection was made without any pre-existing arrangements or understanding with other individuals, and he has no family ties to any current director or executive officer of Fisker. His compensation, as outlined in the Independent Director Agreement dated April 3, includes a monthly fee of $35,000, pro-rated for partial service, along with reimbursement for reasonable out-of-pocket expenses related to his new role. Additionally, Dubel will enter into an indemnification agreement consistent with those signed by existing directors.
The company also disclosed that it is actively exploring strategic alternatives, which may involve various complex transactions such as restructurings, capital markets activities, asset sales, or other strategic deals. However, Fisker acknowledges that these processes are fraught with uncertainties and risks, and there can be no assurance of favorable terms, or any outcome, given the current market conditions.
In light of this ongoing review, Fisker has withdrawn all previously issued financial and operational guidance for 2024, initially disclosed on February 29, 2024. The company has decided not to provide updated guidance during this period of strategic evaluation.
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