Lordstown Motors on Thursday named Daniel Ninivaggi as Chief Executive Officer.
He replaces company founder Steve Burns, who stepped down abruptly as CEO in June along with Chief Financial Officer Julio Rodriguez. They left after an internal investigation found “issues regarding the accuracy of certain statements regarding” pre-orders for the company’s first model, the Endurance battery-electric full-size pickup truck. A new CFO is yet to be named.
Ninivaggi is also chairman of the board of directors at turbocharger company Garrett Motion Inc., and previously served as CEO of diversified holding company Icahn Enterprises, where he was oversaw multiple disciplines including Icahn Enterprises’ automotive aftermarket service network and parts distribution businesses. He also previously held senior positions at Federal Mogul Holdings Corporation, an automotive supplier that was later sold to Tenneco.
This experience should aid him in leading Lordstown which is yet to start production of the Endurance. He will have his work cut out for him though, as Lordstown, which only last October went public via a SPAC deal, said in a filing with the Securities and Exchange Commission that it doesn’t have the cash to start production of the Endurance and has warned that it might be out of business within a year.
Lordstown also said in the filing that it still needs to complete development of its pickup, including obtaining regulatory approval. The company plans to build the Endurance at a former General Motors plant in Ohio, which it acquired in 2019. To help create some income, Lordstown has said it may rent out some unused space at the sprawling site.