Lordstown Motors Changes Leadership
Aug. 31, 2021—Lordstown Motors, the struggling EV manufacturer, has named a new CEO, the Wall Street Journal reported.
Daniel Ninivaggi, a longtime automotive industry executive and onetime lieutenant to billionaire Carl Icahn, has joined the electric-truck startup as chief executive and a member of the board.
Ninivaggi takes over a startup that is still trying to get its first model, the Endurance pickup, to market, an endeavor made more difficult by the company’s shaky financial position and poor stock performance.
“With all urgency, we’ve got to get this vehicle out the door and into the hands of customers,” Ninivaggi told the publication. “In parallel, we’ll be looking at financing alternatives.”
The new CEO takes over from founder and former Chief Executive Steve Burns, who resigned in June along with other top executives. The departures followed a report from a company board committee that found inaccuracies in some of the company’s disclosures around its preorder book for the forthcoming truck.