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CEO James EberhardTechCrunch
•77% Informative
Co-founders James Eberhard and Jenifer Snyder have been ousted from Fluid Truck .
The leadership restructuring comes after the startup lost tens of millions of dollars as of June 31 .
The shakeup was led by two minority investors, Bison Capital and Ingka Investments , which is Ikea ’s venture arm.
Many FVIP members are waiting for payment on vehicles Fluid Truck had already sold, according to four asset owners.
Management decided to appropriate funds from vehicles sold toward its own debt to keep the business afloat.
The company was eating into its own cash reserves to pay out insurance claims and vendor payments.
Fluid 's outstanding insurance claims today are around $9 million .
Trinity 's deal with Fluid Truck fell through after Hertz filed for bankruptcy in 2021 and flooded the market with commercial vans and trucks.
The board voted to terminate Eberhard and Snyder after the deal fell through.
As it stands today , the company is still dealing with the same cash crunch it had.
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