Lordstown Motors Appoints Adam B. Kroll as Chief Financial Officer
October 13 2021 - 8:30AM
Lordstown Motors Corp. (“Lordstown Motors” or “LMC”) (Nasdaq: RIDE)
announced today that its Board of Directors has elected Adam B.
Kroll as Executive Vice President and Chief Financial Officer,
effective October 25th, 2021. Mr. Kroll will replace Rebecca Roof,
Interim Chief Financial Officer who will remain with the company in
a transition role through December 31, 2021.
Mr. Kroll brings to Lordstown Motors nearly
twenty-five years of financial, operational and capital markets
experience. He previously served as an investment banker at JP
Morgan focused on the automotive industry where, during his tenure,
he advised companies on over $125 billion in capital markets, loan
and M&A transactions. Mr. Kroll also has a strong operational
and strategic background, having served as Chief Administrative
Officer for Hyzon Motors, interim Chief Financial Officer for UPG
Enterprises and Senior Vice President of Finance for PSAV Holdings.
Mr. Kroll has an MBA with honors from the University of Chicago
Booth School of Business and a BBA from the University of
Wisconsin.
“I am very pleased to welcome Adam to our
leadership team,” said Dan Ninivaggi, LMC’s Chief Executive
Officer. “His deep understanding of the automotive industry and
experience in financial operations and strategy will have an
immediate impact as we focus on bringing our Endurance pickup truck
to market and completing our recently announced partnership with
Hon Hai Technology Group (“Foxconn”) (TWSE: 2317).”
“On behalf of our board of directors and the
Lordstown Motors team, I’d like to thank Becky Roof for her
enormous contributions over the past several months as our Interim
Chief Financial Officer. Becky has not only strengthened our
finance function but also has been instrumental in driving positive
operational changes.”
“I am thrilled to be joining the Lordstown
Motors team at this pivotal time,” said Kroll. “I look forward to
working with Dan and the entire LMC team to bring the Endurance to
market, develop our strategic partnership with Foxconn and execute
on the company’s other key priorities. I believe LMC is uniquely
positioned, with the team, the assets and focus to capitalize on
the automotive industry’s transition to a better, greener future
with the Endurance and other vehicles to come.”
About Lordstown Motors
Corp.
Lordstown Motors is an Ohio-based electric
vehicle (EV) innovator developing high-quality light duty
commercial fleet vehicles, with the Endurance all electric pick-up
truck as its first vehicle being launched in the Lordstown, Ohio
facility. Lordstown Motors has engineering, research and
development facilities in Farmington Hills, Michigan and Irvine,
California. For additional information
visit www.lordstownmotors.com.
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; the need to raise substantial additional
capital to continue ongoing operations; 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; supply chain disruptions; the potential
inability to source essential components; our inability to develop
a sales distribution network; the ability to protect our
intellectual property rights; and the failure to obtain required
regulatory approvals. In addition, our agreement in principle with
Foxconn is non-binding and subject to the negotiation and execution
of definitive agreements. No assurances can be given that
definitive agreements will be entered into on the terms
contemplated, or at all. Nor can any assurances be given as to the
timing of any such agreements. Furthermore, potential supply chain
disruptions, and their consequences on testing and other
activities, could present challenges that impact the timing of our
commercial production. 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
Lordstown Motors (NASDAQ:RIDE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Lordstown Motors (NASDAQ:RIDE)
Historical Stock Chart
From Sep 2023 to Sep 2024