Fisker Automotive Inc., the maker of Karma luxury plug-in hybrid hired a former Ford Motor Co. (F) and Dana Holdings Corp. executive Jim Yost as its chief financial officer.
Yost replaces Joe DaMour, who will continue to work with Fisker Chief Executive Tom LaSorda to provide consulting on special projects, according to company spokesman Roger Ormisher.
This is the second recent change in the management of the privately held automaker, following the appointment of Tom LaSorda , formerly chief executive of Chrysler, as CEO earlier this year.
Jim Yost’s most recent automobile stint was as Executive Vice President, Chief Financial Officer of Dana Holdings from 2008 through May 2012.
“Jim’s extensive financial, operational and strategic skills as well as international experience will be a tremendous asset as we continue to expand the global reach of the Karma sedan and prepare the path for the next-generation Atlantic sedan’” LaSorda said in the statement.
In 2010, Fisker won $529 million in low-cost Energy Department loans, and has drawn $193 million, mostly for use in developing the Fisker Karma that was designed and engineered in the United States but assembled in Finland.
But last year the Department of Energy, which handles the loans, suspended issuing new checks because the car company missed some milestones.
Fisker delayed the release of Karma and sold fewer Karmas than it promised under the DOE loan agreement. As a result of the loan suspension, Fisker stopped additional work on a plant in Delaware where it was planning to build the cars and laid off some employees.