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Lordstown Motors CEO And CFO Resigns After False Claims About Preorders Of Electric Endurance Truck
US EV startup Lordstown Motors’ CEO and CFO resigns after investigation reveals false claims about preorders of Electric Endurance truck.
US EV startup Lordstown Motors’ stock shares have taken another hit after announcing the resignation of its Chief Executive officer (CEO), Steve Burns and the Chief Financial officer (CFO), Julio Rodriguez.
Burns and Rodriguez resigned this week after an investigation reveals a misleading claims about preorders for the company’s upcoming EV, Endurance.
The former CEO’s resignation comes just few weeks after reassuring investors of the company’s bright future. Burns founded Lordstown Motors in 2019 after he left another EV startup called Workhorse.
Lordstown Motors’ Lead Independent Director Angela Strand, who has been appointed executive chairwoman, will oversee the transition until a permanent CEO is found. Becky Roof will serve as interim CFO.
The statement read:
“Steve Burns has resigned as Chief Executive Officer and from the Company’s Board of Directors, and Chief Financial Officer Julio Rodriguez has also resigned. All changes are effective immediately and the Company has engaged an executive search firm to identify a permanent CEO and CFO.”
“To that end, Lordstown Motors Lead Independent Director Angela Strand has been appointed Executive Chairwoman of the Company, and will oversee the organization’s transition until a permanent CEO is identified, and Becky Roof, will serve as Interim Chief Financial Officer”
Meanwhile, the new chairwoman of Lordstown Motors, Angela Strand, says the embattled company remains on track to begin limited production of its Endurance electric pickups in late September.
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