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ĪMD CEO: the semiconductor shortage will take time to correct The alternative to this: more weeks such as this for Lordstown.īrian Sozzi is an editor-at-large and anchor at Yahoo Finance. At this point given the existing debacle at Lordstown, investors would probably welcome the installation of new faces for the top 10 executive spots at the company and a complete board refresh. It's likely most of the board will need to be overhauled along with the Burns-created management team. Meanwhile, the entire Lordstown board oversaw the creation of its existing mess. Consider these factoids: two of the company's board members (Strand and John Rucidlo) have ties (both worked there during Burns' tenure) to Workhorse Group, the trucking company founded by Burns. It is our understanding that Steve Burns was the primary proponent of the hub motor system."Īnd finally, there remains the skeletons in Lordstown's closet from Burns that creates a host of unknowns as new management eventually digs in. While a change of architecture would add as much as a year or two to the start of production, we believe moving to an alternative motor strategy or an entirely different product and go-to-market strategy altogether may be required to preserve sustainable equity value. If they don't, it could prove mighty costly to overhaul.Įxplained Jonas, "We continue to believe the biggest issue facing the company is the dependency of the proposition systems in-hub motors. The other concern for investors is if permanent management - once solidified - sticks with the signature hub and motor design of the Endurance truck. Lordstown is also a few weeks removed from telling investors it needed cash - fast - if it were to meet its new lowered production targets for its electric truck called the Endurance. The executive resignations follow quick on the heels of Lordstown warning in a SEC filing on its ability to continue as a going concern. Strand declared at Wednesday's event it was a "new day" for Lordstown.
Becky Roof - an outside hire with extensive finance function experience - was named interim CFO.
Angela Strand - its lead independent director - assumed the CEO position until a permanent leader is found. Lordstown Motors said Monday that CEO and founder Steve Burns and CFO Julio Rodriguez resigned after a special board committee found pre-order disclosures for the Endurance to be inaccurate. In short, it has been a disastrous week for the upstart electric truck maker - one that only raises concerns on the Street if the company will survive. Shares of Lordstown fell nearly 3% on the news. They do not commit the counter parties to purchase vehicles, but we believe that they provide us with a significant indicator of demand for the Endurance," Thursday's filing explained. "These vehicle purchase agreements generally include a projected buyer order schedule over the three to five year life of the agreement, and may be terminated by either party at will on 30 days’ notice. The filing comes a day after Lordstown President Rich Schmidt said at an event the company had firm orders for all of the Endurance electric trucks it intends to build this year and 2022.
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