Terrafugia Names New CEO and CFO

Sweeping changes to management come as Transition flying car nears production.

Terrafugia
Deliveries of the Terrafugia Transition are slated to begin this summer.Courtesy Terrafugia

Anna and Carl Dietrich, the cofounders of Terrafugia, have left the firm as the flying car developer's new Chinese parent company makes several changes including the closure of a California research facility.

The husband and wife team, along with three other Massachusetts Institute of Technology graduates, founded Terrafugia in 2006. Carl Dietrich was most recently chief technology officer while Anna Dietrich served as chief commercial officer until 2014.

Terrafugia named Chao Jing as the company's new CEO, describing him as "a professional business leader with extensive experience working in international companies." Terrafugia said Jing will help drive the Terrafugia Transition flying car toward a goal of first deliveries this summer.

The company has a new CFO as well. Huaibing Wang, said Terrafugia, has more than 20 years of experience “in various finance leadership positions in both automotive and industrial businesses.”

Terrafugia was acquired in 2017 by China's Zhejiang Geely Holding Group, which also owns automotive manufacturers Lotus and Volvo Cars.

The company offered its “appreciation and thanks” to Carl Dietrich for leading Terrafugia through its initial growth stage.

The Terrafugia Transition made its first public flights in 2013. The production version is a two-seater with folding wings that is powered by a Rotax 912iS engine and has top speed of 100 mph.