Lordstown Motors replaces two management members

Lordstown Motors says it has relieved chief executive Steve Burns and chief financial officer Julio Rodriguez from their duties while appointing Becky Roof to interim CFO and Angela Strand to executive chairwoman.

It comes just a week after Lordstown announced it is struggling financially, with estimates there isn’t enough cash to last another year, Teslarati reports.

It says news of the changes in Lordstown’s management caused shares to slide more than 17%.

“Lordstown Motors Corp, a leader in electric light-duty trucks focused on the commercial fleet market, has announced several changes to its executive management team as the company begins to transition from the R&D and early production phase to the commercial production phase of its business,” Lordstown says.

“To that end, Lordstown Motors lead independent director Angela Strand has been appointed executive chairwoman of the company and will oversee the organisation’s transition until a permanent CEO is identified, and Becky Roof will serve as interim chief financial officer.

“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.”

Lordstown remains committed to “delivering on our production and commercialisation objectives, holding ourselves to the highest standards of operation and performance and creating value for shareholders,” Strand says.

The company intends running “Lordstown Week” from June 21-25, an event to host investors, partners, customers, and analysts to illustrate Ohio plant production preparations for the Endurance electric pickup truck, expected to start in September.