LORDSTOWN, Ohio (WKBN) – The CEO of Lordstown Motors Corp. has resigned, according to a Securities and Exchange Commission filing.
Steve Burns is resigning, effective immediately.
Chief Financial Officer Julio Rodriguez is also resigning, effective immediately.
“Lordstown Motors has achieved significant milestones on the path to developing the first and best full-size all-electric pickup truck, the Lordstown Endurance. We thank Steve Burns for his passion and commitment to the company,” David Hamamoto said on behalf of the company’s board of directors.
Lordstown Motors and both Burns and Rodriguez entered into separation and release agreements.
Burns’ agreement provides for continued base salary payments for 18 months in the amount of $750,000.
Rodriguez’s agreement provides for continued base salary payments for six months in the amount of $200,000.
The company’s board of directors appointed Angela Strand, Lordstown Motors’ current lead independent director, as executive chair of the company.
“We remain committed to delivering on our production and commercialization objectives, holding ourselves to the highest standards of operation and performance and creating value for shareholders,” Strand said in a statement. “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.”
Becky Roof will serve as interim chief financial officer and Jane Ritson-Parsons will serve as interim chief brand officer and chief operating officer.
“As we transition to the commercial stage of our business — with planned commencement of limited production in late September — we have to put in place a seasoned management team with deep experience leading and operating publicly-listed OEM companies,” Hamamoto said. “We have complete confidence in Angela and Becky, and our expanded leadership team, to effectively guide the company during this interim period.”
Lordstown Motors has enlisted an executive search firm to help find a permanent CEO and CFO.