Starting October 25, Adam Kroll will join Lordstown Motors and replace Interim CFO Rebecca Roof in the electric vehicle (EV) company's top finance role.
Roof took over the position in June 2021 after then-CFO Julio Rodriguez resigned due to a scandal in which the company innacurately reported the presale numbers for its upcoming EV.
Roof will remain with the company in a transition role until the end of the year.
Kroll previously served as an investment banker at JP Morgan, where he specialized in the automotive industry. He also served as Chief Administrative Officer for Hyzon Motors, Interim CFO for UPG Enterprises, and SVP of Finance for PSAV Holdings.
His experience from both Wall Street and the automotive sector is an important combo as the embattled EV maker scrapes together the funds to bring its electric pickup truck to market.
Following the company’s presale scandal, Lordstown Motors issued a warning that it might not have the cash reserves to bring its EV to market. To gain funds, in July, Lordstown Motors signed a deal with investment firm Yorkville Advisors, which agreed to buy $400 million worth of shares over a three-year period. Additionally, in September, iPhone assembler Foxconn entered into a deal to buy the EV maker’s Ohio assembly plant and certain intellectual property rights for around $230 million. As part of the deal, Foxconn also committed to buying $50 million worth of Lordstown Motors shares.
“I am thrilled to be joining the Lordstown Motors team at this pivotal time,” Kroll stated in a press release. “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.”
Lordstown’s newest hire arrives shortly after the arrival of CEO Dan Ninivaggi, who came on board to replace ousted CEO Steve Burns, and as the EV talent market heats up. Multiple EV makers are racing to bring their own vehicles to market in the next year, including rival Faraday Future, which has made a slew of manufacturing hires in the past few months.
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