Arrival founder Denis Sverdlov will step down from his role as CEO of the British start-up, amid mounting concerns that the company could go bankrupt by the third quarter of 2023.
He will be replaced in the interim by former Marvel Entertainment chief executive Peter Cuneo as the firm looks to secure its future.
In turn, Sverdlov has taken Cuneo's role as chairman of the board, although Cuneo will continue to attend board meetings as an observer.
Sverdlov said: "I am more committed than ever to ensuring Arrival’s success, and I will continue to act in the best interests of the company, shareholders, customers, partners and employees.
