Shares of Nio (NYSE:NIO) stock are in the spotlight after the company announced that it had added CYVN Holdings Chief Investment Officer (CIO) Eddy Georges Skaf to its board of directors. Nio also added Forseven Limited CEO Nicholas Paul Collins to its board, while James Gordon Mitchell has resigned from his position as a board member. All three changes are effective as of today, Feb. 7.
Back in December, CYVN, an Abu Dhabi investment vehicle, agreed to invest $2.2 billion into the Chinese electric vehicle (EV) company in exchange for 294 million newly issued shares priced at $7.50 per share. As part of the investment, Nio granted CYVN the power to nominate two board members to its board. CYVN currently owns 20.1% of NIO stock issued and outstanding.
NIO Stock: Nio Adds Two New Board Members
Like Collins, Skaf also has an affiliation with Forseven, serving as a director since 2023. The company operates as a British EV luxury startup and is backed by CYVN. From 2019 to 2023, Skaf held the role of digital infrastructure senior advisor at Mubadala, an Abu Dhabi sovereign wealth fund. Before that, Skaf worked at Emirates Integrated Telecom Company as its Chief Strategy Officer.
Before serving as Forseven’s CEO, Collins worked at Jaguar Land Rover from 2015 to 2023 under a variety of roles, such as executive director of vehicle programs and director. He has over two decades of automotive experience.
“The Company believes that their expertise and experience will be a valuable asset to its development,” said Nio. “At the same time, the Company would like to express its sincere gratitude to Mr. James Gordon Mitchell for his contribution to the Company and his service on the Board during his tenure.”
With the two board nominations, CYVN now has more control over Nio. The firm is also the largest shareholder of NIO stock. In comparison, Nio CEO William Li owns a 10.5% stake, although he owns the most voting rights at 44.2% due to his Class C shares.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
