Lordstown Motors Taps Former Executive Icahn as CEO to Bring EV Truck Ambition Back on Track
Lordstown Motors has hired Daniel A. Ninivaggi, an automotive executive and former head of Carl C. Icahn's holding company, as its CEO and board member. The appointment comes after months of turmoil at Lordstown, which is publicly traded through a merger with a special purpose supply company.In June, founder and CEO Steve Burns and CFO Julio
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Rodriguez resigned after disappointing first-quarter results that revealed the company took more capital than expected. It was unable to access previously anticipated production figures for the Endurance electric pickup. The resignation was also linked to a board investigation that found inaccuracies in the company's partial disclosure of the order. Company advance truck
Resignation is just one of many problems. Including allegations of fraud and separate investigations by the Justice Department and the SEC, which put the 2-year-old company at risk of failure, Lordstown was given a lifeline in August when hedge fund YA II PN bought it. 35.1 million shares, or about 19.9% of the total outstanding shares. The sale provides much-needed funding to produce the first electric