Lordstown Motors Names New CEO After Preorder Scandal

Lordstown Motors named its new CEO this morning, filling the role that had been vacant since June 2021. Effective immediately, the embattled electric vehicle (EV) startup will be led by Daniel Ninivaggi, who has also been appointed as a member of the company’s Board of Directors.

In conjunction with the announcement, Executive Chairwoman Angela Strand will transition to become the company’s Non-Executive Chair.

He brings a wealth of automotive and financial expertise to Lordstown Motors. He is the former CEO of Icahn Enterprises, Carl Icahn’s sprawling holding company, where he also oversaw Icahn Enterprises’ automotive aftermarket service network and parts distribution businesses. He also spent time as the Co-Chairman and Co-CEO of automotive components supplier Federal Mogul Holdings. He currently serves as the Chairman of the Board of Directors of turbocharger and propulsion product supplier Garrett Motion.

The EV company’s new CEO couldn’t come soon enough as Lordstown Motors is still reeling from a preorder scandal that led to the resignation of its then-CEO Steve Burns and CFO Julio Rodriguez. The company also has been forced revise its production timeline for its first commercial EV, a truck called the Endurance, due to a need for capital. That's where Ninivaggi can help out.

CEO Search Committee Chairman David Hamamoto remarked that Ninivaggi's capital markets expertise and investment proficiency will be crucial as the startup approaches its commercial ramp-up, capital allocation and growth phase.

He also praised Ninivaggi's broad automotive background, strategic thinking, and team-oriented leadership talent.

“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,” Ninivaggi stated in the company’s press release.

Ninivaggi joins another fresh face as Lordstown Motors gears up to produce and deliver its Endurance EVs. Just last month, the company hired former Tesla executive Eric Purcell as its new VP of Global Quality.