Lordstown Motors CEO Steve Burns and Chief Monetary Officer Julio Rodriguez have resigned from the startup business electrical car maker
Lordstown Motors CEO Steve Burns and Chief Monetary Officer Julio Rodriguez have resigned from the startup business electrical car maker.
Shares tumbled greater than 11% earlier than the opening bell.
The announcement Monday comes lower than per week after Lordstown cautioned that it will not be in enterprise a 12 months from now because it tries to safe funding to start out full manufacturing of an electrical pickup truck. In a quarterly regulatory submitting, the corporate mentioned that the $587 million it had available as of March 31 isn’t sufficient to start out business manufacturing and start promoting the full-size pickup, referred to as the Endurance.
Burns had warned in Could that manufacturing could possibly be reduce by greater than half to 1,000 automobiles this 12 months until the corporate can elevate new capital. Lordstown was trying in to new sources of capital, the corporate mentioned.
On Monday, Lordstown named lead unbiased director Angela Strand as government chairwoman and mentioned that she’s going to oversee the group’s transition till a everlasting CEO is discovered. Strand is presently the managing director of advisory agency Strand Technique.
Becky Roof will function interim CFO. Roof is an authorized public accountant who has served as a advisor to publicly traded corporations and in an interim CFO capability at companies together with Eastman Kodak, Hudson’s Bay, Saks Fifth Avenue and Aceto Corp.
Lordstown, positioned southeast of Cleveland, mentioned Monday that it has employed an government search agency to assist discover everlasting replacements for the roles.
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