Lordstown Motors Appoints Daniel A. Ninivaggi as Chief Executive Officer
August 26 2021 - 7:00AM
Lordstown Motors Corporation (Nasdaq: RIDE), (“Lordstown Motors”),
a leader in electric light-duty trucks focused on the commercial
fleet market, announced today that its Board of Directors has
appointed Daniel A. Ninivaggi as CEO and as a member of the Board,
effective immediately.
Ninivaggi is the former CEO of Icahn Enterprises
L.P. (Nasdaq: IEP), a diversified holding company controlled by
Carl C. Icahn, and has served in a variety of senior leadership
positions in the automotive and transportation industries. He began
his automotive career at Lear Corporation, ultimately serving as
Executive Vice President, where he was responsible for, among other
functions, corporate development and strategy. He later held the
positions of Co-Chairman and Co-CEO of Federal Mogul Holdings
Corporation, an $8 billion supplier of powertrain, chassis,
sealing, brake and other automotive components, prior to its sale
to Tenneco.
While with Icahn Enterprises, Ninivaggi also
oversaw Icahn Enterprises’ automotive aftermarket service network
and parts distribution businesses. Ninivaggi has extensive
experience as a director of public companies, including Icahn
Enterprises, Motorola Mobility (prior to its sale to Google),
Navistar International, Hertz Global Holdings and CVR Energy. He
currently serves as the Chairman of the Board of Directors of
Garrett Motion Inc. (Nasdaq: GTX), a leading Tier 1 supplier of
turbochargers and other propulsion products.
“I believe the demand for full-size electric
pickup trucks will be strong and the Endurance truck, with its
innovative wheel hub motor design, has the opportunity to capture a
meaningful share of the market. With an absolute focus on
execution, I look forward to working with the talented Lordstown
management team, our suppliers and other partners to bring the
Endurance to market and maximize the value of our assets,”
said Daniel Ninivaggi, Lordstown Motors CEO.
“The Board is enthusiastic about Dan’s
appointment as CEO. We are impressed with his broad automotive
background, track record, strategic thinking, and team-oriented
leadership talent. Furthermore, his capital markets expertise and
investment proficiency will be invaluable in navigating the company
through its commercial ramp-up, capital allocation and growth
phase. We unanimously concluded that he has the optimal combination
of skills and public company experience to lead Lordstown Motors at
this time. On behalf of the entire Board, I’d like to thank Angela
Strand who successfully served as Executive Chairwoman during the
CEO transition period and will continue as Non-Executive Chair
going forward,” said David Hamamoto, Chairman of the
Lordstown Board CEO Search Committee.
Ninivaggi is a graduate of Stanford University
School of Law, the University of Chicago Graduate School of
Business and Columbia University.
About Lordstown Motors
Corp.
Lordstown Motors Corp. is an Ohio-based original
equipment manufacturer of light duty fleet vehicles, founded with
the purpose of transforming Ohio's Mahoning Valley and Lordstown,
Ohio, into the epicenter of electric-vehicle manufacturing. The
company owns the 6.2 million square foot Lordstown Assembly Plant
where it plans to build the Lordstown Endurance, believed to be the
world's first full-size, all-electric pickup truck designed to
serve the commercial fleet market. For additional information visit
www.lordstownmotors.com and follow us on Twitter.
Forward Looking Statements
This press release includes forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These statements may be identified by words such as “feel,”
“believes,” “expects,” “estimates,” “projects,” “intends,”
“should,” “is to be,” or the negative of such terms, or other
comparable terminology. Forward-looking statements are statements
that are not historical facts. Such forward-looking statements are
not guarantees of future performance and are subject to risks and
uncertainties, which could cause actual results to differ
materially from the forward-looking statements contained herein due
to many factors, including, but not limited to: our limited
operating history and our significant projected funding needs; our
liquidity position and the need to raise substantial additional
funding to execute our business plan; risks associated with the
conversion and retooling of our facility and ramp up of production;
our inability to obtain binding purchase orders from customers and
potential customers’ inability to integrate our electric vehicles
into their existing fleets; our inability to retain key personnel
and to hire additional personnel; competition in the electric
pickup truck market; our inability to develop a sales distribution
network; and the ability to protect our intellectual property
rights. Any forward-looking statements speak only as of the date on
which they are made, and Lordstown Motors undertakes no obligation
to update any forward-looking statement to reflect events or
circumstances after the date of this press release.
Contacts:
InvestorsCarter W. Driscoll,
CFAlordstownIR@icrinc.com
MediaKimberly
Spellkimberly.spell.ext@lordstownmotors.com
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