Northvolt AB announced on Friday that its Chief Executive Officer (CEO) Peter Carlsson (pictured) decided to step down after the company filed for Chapter 11 bankruptcy protection in the United States in order to be able to restructure its debt and reorganize its business.
"Today marks a significant new phase for Northvolt as well as for me personally. The Chapter 11 filing allows a period during which the company can be reorganized, ramp up operations while honoring customer and supplier commitments, and ultimately position itself for the long-term. That makes it a good time for me to hand over to the next generation of leaders," Carlsson, who was Northvolt's leader since 2016, said in a statement.
Additionally, the electric car battery maker shared that Carlsson will assume the role of senior advisor.
