Lordstown Motors has certainly been through its fair share of ups and downs over the past few years, but a sign of stability may have arrived. Lordstown Motors is hiring a new CEO who hopes to steer the fledgling
EVcompany into calm water. Edward Hightower, the new CEO, may be a newcomer to Lordstown, but this veteran engineer has a solid history of working with Ford and GM.
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When was Lordstown Motors’ new CEO hired?
Business Journal Dailyreports, Edward Hightower’s hiring was announced on July 12, 2022. Hightower will follow in the place of the previous CEO Daniel Ninivaggi, who is leaving his old position to take over as executive chairman of the board at Lordstown Motors. Followers of Lordstown Motors will remember that Ninivaggi stepped up as CEO in 2021 after scandalous reports that his predecessor, Steve Burns, was misleading investors.
It’s notable as well that Hightower will be continuing to serve as CEO of MIH EV Design LLC, a joint product development venture with Foxconn. This serves as a reminder of the close ties that Lordstown Motors shares with Foxconn.
How are Lordstown Motors and Foxconn connected?
Big news broke earlier this year when Lordstown Motors and Foxconn announced the sale of one of Lordstown Motors’ production facilities, where the Lordstown Endurance is being built. This move helped
Lordstown gain some much-needed capitalto help advance the production of the Endurance.
Foxconn doesn’t own Lordstown Motors, only the Endurance facility. It seems that Hightower will function as a dual-role CEO, assisting with product development at Foxconn alongside his Lordstown Motors’ duties.
Is this new CEO a good sign for Lordstown Motors?
CNBCpoints out that Lordstown Motors’ share prices increased by 3% immediately after hiring Edward Hightower. The experienced engineer has worked for both Ford and GM, and brings a sense of stability and reassurance to investors and board members, especially after Steve Burns’ fiasco.
Additionally, Ninivaggi is staying on to help with higher processes within the Board, which shows indications of a long-term plan for restructuring Lordstown Motors’ operations and business model. The future will tell whether this EV startup sinks or swims.
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