Northvolt CEO Peter Carlsson steps down one day after bankruptcy filing in U.S.

The CEO and co-founder of battery maker Northvolt, Peter Carlsson, is stepping down after being at the helm of the company since it was founded in 2016.

According to a statement published on the Swedish company's website on Friday, Carlsson will remain a senior adviser and member of the board of directors during the transition period.

• Northvolt says Quebec battery plant will proceed despite bankruptcy filing

Northvolt says it is entering "a new phase of sustainable growth and restructuring" in order to focus on "operational improvements and customer support."

Commenting on his departure, Carlsson wrote in the press release that this was a new phase, both for the company and for him. He added that filing for bankruptcy would allow the company "to reorganize, to intensify its operations while honouring its commitments to customers and suppliers, and finally to position itself for the long term. So it's the right time for me to pass the baton to the next generation of leaders."

A day earlier, the company announced that it had filed for bankruptcy protection in the United States. The company stated, however, that this process would not jeopardize the battery manufacturer's project in Quebec.

"Northvolt North America is not included in the filing," reads a press release sent by the company to the media.

Northvolt's interim chairman, Tom Johnstone, said the company was extremely grateful to Carlsson "for his vision and dedication in making Northvolt an unprecedented idea and the European champion in battery manufacturing."

The new management team will focus on sustainable growth, operational efficiency and innovation, according to the company's press release.

Northvolt said these management changes are effective immediately.

This report by The Canadian Press was first published in French on Nov. 22, 2024.