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Future of British Business

Fallen Billionaire Steps Down as CEO of Troubled EV Startup

Arrival SA, the electric van startup that recently warned it’s running out of cash, said its former billionaire founder will step down as chief executive officer.

Denis Sverdlov will swap positions with Chairman Peter Cuneo, who’ll become interim CEO, the company said in a statement Thursday. Avinash Rugoobur also resigned as president and strategy chief for personal reasons and will remain a board member.