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Lordstown Motors Chief Executive, Finance Chief Resign

by Bioreports
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Lordstown Motors Corp. said its chief executive and top financial leader have resigned, decisions that come amid a new report from a board committee that says some aspects of disclosures it made about truck preorders were inaccurate.

Lordstown Motors, which plans to manufacture electric trucks at a plant in Ohio, on Monday said Steve Burns, its CEO, and Julio Rodriguez, its finance chief, have stepped down from the company. Mr. Burns also stepped down from the company’s board, according to Lordstown Motors.

Mr. Burns declined to comment. Efforts to reach Mr. Rodriguez, including asking for comment through a company spokesman, weren’t immediately successful.

The company also said Monday that a special board committee found that some disclosures it made about preorders for the truck it hopes to manufacture were inaccurate. The committee largely rejected a report about Lordstown from short-seller Hindenburg Research, the company said.

The committee was established to investigate allegations made by Hindenburg, which in a March report said that Lordstown Motors had misled investors about the strength of its preorder reservations and progress toward starting production of an electric truck.

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