Stellantis manager becomes Polestar CFO
The electric car brand has announced that the CFO position will be taken over by Jean-Francois Mady, who most recently worked for Stellantis, from 21 October. According to Polestar, Mady has over 25 years of experience in automotive finance and the financial services sector in Europe, China, Asia and India. Most recently, he was Senior Vice President of Global Accounting Operations and Finance Transformation at the Stellantis Group.
After Polestar missed its sales and financial targets for 2023, Head of Sales Mike Whittington and Head of Finance Johan Malmqvist had to leave at the beginning of the year. The position of Chief Financial Officer (CFO) at Polestar was temporarily taken over by Per Ansgar, who previously held several management positions in finance within Volvo Cars – for example as Deputy CFO or CFO of Volvo Cars China. According to Polestar, Ansgar “will remain with Polestar to provide support and to ensure a smooth transition, before returning to his role as CFO of Geely Sweden Holding AB.”
“I’m very excited to join Polestar, with its unique focus on design, electric performance and sustainability and look forward to supporting the Company’s exciting next phase,” says Mady himself.
With the Frenchman, the reorganisation of the Polestar board continues to take shape. It was only announced at the end of August that founding CEO Thomas Ingenlath would be stepping down at the end of October, with Polestar Head of Design Max Mussoni leaving a few days earlier. Ingenlath will be succeeded by former Opel boss Michael Lohscheller, who will take over in October.
Although Lohscheller, himself an experienced financier who made a name for himself with the successful reorganisation of Opel, is not yet in charge, he already has his say in the press release. “I am very pleased to welcome Jean-Francois to Polestar. He brings a wealth of experience and best practice competence from our industry, which we will benefit from. With Polestar 2, Polestar 3 and Polestar 4 we have a stunning model line-up on the roads. One of our key priorities moving forward is to make Polestar a financial success and this is an important step in that direction.”
Polestar long only had one model on offer – the Polestar 2. Now, it also sells the Polestar 3 and 4, for which deliveries just started. The Polestar 5, an electric four-door GT, and Polestar 6, an electric roadster, are due to hit the road soon.
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