Just days after announcing a new CEO, Polestar has added another C-suite leader to its ranks.
Jean-Francois Mady, former SVP of global accounting operations and finance transformation at Stellantis, will join the electric vehicle maker as CFO, effective Oct. 21, according to a Tuesday press release. He brings 25 years of automotive finance experience to Polestar, including more than two decades at PSA Group.
Mady succeeds Per Ansgar, who has served in the position on a transitional basis following the departure of former CFO Johan Malmqvist, who is now the CFO of electric aviation startup Lilium. Ansgar will return to his position as CFO of Geely Sweden Holding, the release stated.
Michael Lohscheller, incoming Polestar CEO, said the company will benefit from Mady’s “wealth of experience and best practice competence.”
“One of our key priorities moving forward is to make Polestar a financial success and this is an important step in that direction,” Lohsceller said in the release.
Polestar’s financial future has been in doubt after Volvo Cars divested a majority of its stake in the company in May. Since then, the EV maker has struggled to maintain compliance with the Nasdaq’s minimum bid price requirement, and may be delisted from the stock exchange.
Things are looking up, however, as Polestar recently launched Polestar 3 production in South Carolina. Former CEO Thomas Ingenlath said last month that U.S. manufacturing is “a crucial step” for the company.
