Lordstown Motors appoints Adam Kroll as its CFO, Auto Information, East Auto Information
Electrical-truck maker Lordstown Motors Corp named Adam Kroll as chief monetary officer, months after the departure of former CEO and finance chief following an inner investigation into claims made by a short-seller.
Kroll, who has beforehand served as an funding banker at JP Morgan with a deal with the automotive trade, will assume his new position on Oct. 25. He replaces interim CFO Rebecca Roof, who will keep on in a transition position by way of Dec. 31.
Lordstown and fellow EV maker Nikola, each of which went public by way of acquisitions by special-purpose acquisition corporations (SPAC), have grow to be a goal of short-seller Hindenburg. Each noticed their founders subsequently resign.
In June, Lordstown founder and CEO Steve Burns and CFO Julio Rodriguez resigned. The resignations had come as the corporate’s board reported conclusions from an inner investigation into claims made by short-seller Hindenburg.
Lordstown nonetheless faces a variety of scrutiny from federal prosecutors in Manhattan and the U.S. Securities and Trade Fee associated to its merger with a SPAC, and statements it beforehand made about pre-orders for its autos.
The corporate in August, stuffed the primary of the 2 vacant C-suite positions by appointing Daniel Ninivaggi as CEO, handing over the reins to the previous worker of investor Carl Icahn, who had stated his focus can be on ensuring Lordstown efficiently rolls out its pickup vans within the face of intense regulatory scrutiny.
Kroll, 46, most not too long ago served as chief administrative officer for Hyzon Motors, which has additionally been a goal of short-seller Blue Orca in latest weeks. The corporate has, nevertheless, rejected the short-seller’s report, saying it was inaccurate and deceptive.
Shares of the corporate, which is doubling down its efforts to roll out its first pickup truck, had been up 1.2% on Wednesday. They’ve slumped about 75% this yr.