Lordstown Motors (NASDAQ:RIDE) stock is falling hard on Monday after the company announced changes to its leadership team.
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A recent press release from Lordstown Motors reveals that CEO Steve Burns and CFO Julio Rodriguez have resigned from the company. The company says the change comes as it prepares to switch from the “R&D and early production phase to the commercial production phase.”
Lordstown Motors notes that it is seeking out the aid of an executive search firm to find permanent replacements for its CEO and CFO. Until then, Angela Strand is taking over as interim CEO of the company and has also been appointed to Executive Chairwoman. Becky Roof is serving as RIDE’s interim CFO.
Other changes also took place alongside the resignation of Lordstown Motors’ CEO and CFO. This has Jane Ritson-Parsons moving from the interim CBO position to new COO. Carter Driscoll, the head of Investor Relations, has also been promoted to vice president of Corporate Development, Capital Markets and Investor Relations.
The company’s new Executive Chairwoman had to the following to say in the press release.
“Along with the management team, I will continue to work closely with them and the Board to execute on Lordstown’s vision for the future of electrified transportation. I am excited to lead the passionate and dedicated team of Lordstown employees and to work with our valued customers, suppliers, investors and partners and to hosting Lordstown Week, which commences on June 21st.”
RIDE stock was down 18.5% as of Monday morning and is down 53.4% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.