Chinese electric vehicle maker Nio (NIO) has announced that its long-time chief financial officer (CFO) Steven Wei Feng has resigned effective immediately.
The reason given for the sudden resignation was “personal reasons.”
Feng is being succeeded in the CFO role by Stanley Yu Qu, a company insider who has worked at Nio since 2016 and most recently served as a Senior Vice-President of Finance.
Qu takes over the CFO role as Nio struggles with an electric vehicle price war in its home market of China and new tariffs imposed on Chinese vehicles entering Europe.
Before joining Nio, Qu held financial leadership roles at companies such as Lear Corporation (LEA) and Johnson Controls (JCI). He began his career at accounting firm PwC.
The stock of Nio has declined 52% over the last 12 months amid rising competition, slowing sales, and mixed financial results.
Nio’s shares are currently trading at $4.87 U.S., making them a penny stock (a security that trades for less than $5 per share).
