Polestar Chair Steps Down as EV Maker Battles Share Decline

Polestar Automotive Holding UK’s chairman plans to step down as part of a broader board shuffle for an electric vehicle maker battling operational challenges and stock woes.

Hakan Samuelsson, the former chief executive officer of Volvo Car, will be replaced as board chair by current director Winfried Vahland, Polestar said Tuesday in a statement. Another board member, Carla De Geyseleer, won’t stand for reelection at the upcoming annual shareholder meeting, the company said.

Polestar has proposed Christine Gorjanc and Xiaojie Shen as new directors.

The changes come amid a steady, two-year-long decline in the share price. ...