Lordstown Motors Corp. (NASDAQ: RIDE) stock gains by 23.77% in the current market trading session. Lordstown Motors is an Ohio-based production company of light-duty fleet vehicles. The company was formed with the goal of turning Ohio’s Mahoning Valley and Lordstown, Ohio, into the heart of electric-vehicle production.
RIDE stock’ Current Update
Lordstown Motors Corp. announced today that Daniel A. Ninivaggi has been named CEO and a member of the Board of Directors, starting immediately.
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Ninivaggi is a former CEO of Icahn Enterprises, a multinational holding firm headed by Carl C. Icahn, and has held top roles in the automotive and transportation industries. He started his automotive career with Lear Corporation, eventually rising to the position of Executive Vice President. Prior to Tenneco’s purchase of Federal Mogul Holdings Corporation, he served as Co-Chairman and Co-CEO of the $8 billion provider of powertrain, chassis, sealing, braking, and other automotive components.
Ninivaggi supervised Icahn Enterprises’ automobile aftermarket service network and parts distribution divisions while at the company. Ninivaggi has been on the boards of Icahn Enterprises, Motorola Mobility (before its sale to Google), Navistar International, Hertz Global Holdings, and CVR Energy, among others. Garrett Motion which is a prominent Tier 1 producer of turbochargers and other propulsion components, presently has him as Chairman of the Board of Directors.
David Hamamoto, Chairman of the Lordstown Board CEO Search Committee stated,
Dan’s nomination as CEO has been well received by the Board. His wide automotive expertise, track history, strategic planning, and team-oriented leadership skills have all impressed us. In addition, his capital markets and investment skills will be crucial in guiding the firm through its commercial ramp-up, capital allocation, and growth phases. They all agreed that he had the best mix of abilities and experience in a public business to manage Lordstown Motors at this time.
He added that he is highly grateful on behalf of the whole Board to Angela Strand, who worked as Executive Chairwoman throughout the CEO transition and will now serve as Non-Executive Chair. Ninivaggi holds degrees from Stanford Law School, the University of Chicago Graduate School of Business, and Columbia University.