EV startup Canoo has lost its chief financial officer and chief counsel, the latest in a series of executive departures as the company continues to struggle to find mass adoption of its electric work vans.
CFO Greg Ethridge and general counsel Hector Ruiz both resigned from Canoo on Oct. 31, the company announced in a regulatory filing Tuesday. Mr. Ethridge and Mr. Lewis did not respond to requests for comment.
Canoe also announced it has furloughed 30 workers in Oklahoma for 12 weeks “as part of a broader restructuring of its North American operations.”
Ethridge was replaced by Kunal Bala, a former investment banker who was chief of staff to CEO Tony Aquila. Bhalla's base salary will be $300,000. Mr. Lewis will be replaced by Deputy General Counsel Sean Yang.
The departure comes just weeks after Canoo closed its original headquarters in Los Angeles, California, to prioritize operations in Texas and Oklahoma. The last remaining co-founder also left the company around the same time as Canoo's chief technology officer.
Canoeing has been struggling financially lately. The Company reported total cash of approximately $19 million as of June 30, 2024, of which $4.5 million was unrestricted. Canoo disclosed in a regulatory filing in October that a fund linked to Aquila loaned the startup about $1.2 million at an 11% interest rate. On Tuesday, the company announced in the same regulatory filing that it had borrowed an additional $2.7 million from Aquila's funds. Canoo has also entered into a revolving credit facility with Aquila's funds.
As TechCrunch previously reported, Canoo is also facing multiple lawsuits from suppliers alleging unpaid invoices. Another supplier, Kistler Instrument Corporation, later filed suit against Canoo in Los Angeles Superior Court, also seeking $56,000 in damages.