To improve its market reputation and streamline its operations, on Aug. 26 electric vehicle (EV) manufacturer Lordstown Motors (RIDE) appointed Daniel A. Ninivaggi as its new CEO. With decades of experience in the automotive industry and capital markets, will Ninivaggi’s appointment be a turning point for the company? Read more to find out.Founded in 2018, Lordstown Motors Corp. (RIDE) is an electric light-duty vehicle manufacturer based in Lordstown, Ohio. The company went public through a SPAC deal with blank check company DiamondPeak Holdings on October 26, 2020.
RIDE’s board of directors appointed Daniel A. Ninivaggi as CEO and board member on August 26. RIDE shares have popped 15.3% in price since the appointment to close yesterday’s trading session at $6.47. Ninivaggi is the former CEO of Icahn Enterprises, with extensive experience in the automotive industry.
Regarding Ninivaggi’s appointment, RIDE Board CEO Search Committee Chairman David Hamamoto said, “The Board is enthusiastic about Dan’s appointment as CEO. We are impressed with his broad automotive background, track record, strategic thinking, and team-oriented leadership talent. Furthermore, his capital markets expertise and investment proficiency will be invaluable in navigating the company through its commercial ramp-up, capital allocation, and growth phase. We unanimously concluded that he has the optimal combination of skills and public company experience to lead Lordstown Motors at this time.”