According to recent reports, Jia Yueting, a major investor in Faraday Future, has publicly accused the company's former CFO, Stefan Krause, of misconduct and “desecration.†In response, Faraday Future released a statement confirming that Krause had resigned in October. However, the situation seems more complex than it appears on the surface.
Krause officially stepped down from his role as CFO of Faraday Future on October 14th. The news first broke through Jalopnik, an American automotive news site, which reported that Krause had submitted his resignation in mid-October. Soon after, Jia Yueting reportedly informed an internal employee via email that the company was planning to release a public statement regarding Krause’s departure.
An internal email obtained by Jalopnik revealed that Faraday Future planned to hold a meeting on Friday afternoon to discuss Krause’s alleged “wrongdoing†and the damage he caused to the company over the past few months. Jia Yueting also sent an internal message to employees, expressing confidence in the team and their efforts to bring the FF 91 to market.
This move by Faraday Future is unusual, especially for a U.S.-based startup. Most companies tend to keep such matters private, but Jia’s decision to go public suggests a strong reaction to what he sees as betrayal or negligence.
In a separate statement, Faraday Future confirmed that Krause had been terminated immediately. The statement claimed that Krause’s actions were harmful to the company’s goals and that legal action was being pursued. However, no specific details about the alleged misconduct were provided.
Krause, who previously worked at BMW and Deutsche Bank for over 30 years, joined Faraday Future in March with the goal of securing new investors and raising $1 billion. He now claims that Faraday Future’s statements are misleading and that his departure was entirely voluntary.
He said, “The fact is that I resigned on October 14 and my resignation took effect immediately. Their statement misrepresents my departure and my contributions to the company.†Krause added that he is consulting with legal advisors and will explore all available options.
Faraday Future claims that Krause’s actions hindered their financing efforts, but sources suggest that he had successfully brought several potential investors to the table. However, these investors reportedly demanded that Jia Yueting step down from his leadership role—a condition Jia has so far refused to meet.
Earlier this summer, Faraday Future abandoned plans to build a $1 billion factory in Nevada. Despite this setback, the company still aims to launch its flagship electric vehicle, the FF 91, in 2018.
In addition to Krause’s termination, Faraday Future also announced the immediate dismissal of its Chief Technology Officer, Ulrich Kranz, who had only been with the company for three months. While the company claims this won’t affect R&D, some reports suggest Kranz may be leaving in the coming weeks.
Faraday Future’s full statement reads:
"Faraday Future has decided to terminate Stephen Krause’s position as Chief Financial Officer, effective immediately. Since taking office in March, Mr. Krause may have violated the law and failed to support the company’s future goals, causing serious harm to the company and its investors. We are currently pursuing legal action against him. Pascal Cousteau will temporarily lead financial operations. Mr. Krause’s actions have hindered our financing efforts, and we remain committed to accelerating the process. Additionally, Ulrich Kranz’s role as Chief Technology Officer has been terminated immediately. This will not impact our R&D or product development. Faraday Future continues to operate normally."
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