Northvolt Chairman Jim Hagemann Snabe, on sick leave since the start of the year, does not plan to return to his role at the Swedish lithium-ion battery maker, he told the Danish business daily on Friday Borsen.
The company, which has raised billions of dollars and is considering an IPO, is facing slowing demand for electric vehicles, driven by factors including high energy costs and rising commodity prices.
Last week, the company said it was reviewing plans to build a second Swedish gigafactory, while German automaker BMW separately said it had canceled a 2 billion euro ($2.15 billion) battery cell order from the company.
“It doesn’t make much sense for Northvolt that I’m coming back now after so many months without being active,” Mr. Snabe told Borsen.
Northvolt did not immediately respond to a request for comment.
The board of directors has been headed by Briton Tom Johnstone since the beginning of 2024, a veteran of business management who has already been CEO of several Nordic industrial companies.
Mr. Snabe told Mr. Borsen that the reason for his medical leave was a near-fatal accident in January while swimming in the ocean, during which he injured his shin on a metal step submerged.
Although he received immediate medical attention, a multidrug-resistant bacterial infection from polluted seawater quickly worsened, leading to serious complications and multiple surgeries, he told the newspaper.
Reuters was unable to reach Mr. Snabe for comment. (Reporting by Stine Jacobsen, Editing by Jane Merriman)
