Nio announced changes to its board of directors on Monday, with the addition of two appointees from Abu Dhabi government fund CYVN Holdings and the resignation of a Tencent executive.
Effective February 7, Eddy Georges Skaf and Nicholas Paul Collins have been appointed as new directors to Nio’s board, the company revealed. Simultaneously, James Gordon Mitchell, Tencent’s senior executive vice president and chief strategy officer, stepped down from his position as a director at Nio.
Skaf, currently serving as the chief investment officer at CYVN Holdings L.L.C, brings with him extensive experience in investment management and strategy. Prior to his role at CYVN, Skaf held senior advisory positions at Digital Infrastructure at Mubadala and Emirates Integrated Telecom Company (du).
Collins, appointed as CEO of Forseven Limited in January 2024, boasts a rich background in the automotive industry, having worked at Jaguar Land Rover in various leadership capacities for nearly two decades.
In a statement, Nio expressed its confidence in Skaf and Collins, stating that their expertise and experience would contribute significantly to the company’s growth trajectory. The company also extended gratitude to Mitchell for his service during his tenure on the board.
Notably, Collins’ affiliation with CYVN was not explicitly mentioned in Nio’s announcement, although Forseven, the UK-based electric vehicle startup he leads, is financially backed by CYVN.
CYVN Holdings emerged as Nio’s largest shareholder following two significant investments totaling $3.3 billion in 2023. These investments, completed in June and December respectively, solidified CYVN’s position in Nio, with the fund now owning approximately 20.1 percent of the EV manufacturer’s total issued and outstanding shares.
Despite CYVN’s substantial stake, Nio’s founder, chairman, and CEO William Li retains control of the company through his ownership of class C shares with super voting rights.
Nio did not disclose any immediate plans for further changes to its board or strategic investments.
