Lordstown Motors shares slide 14% after CEO and CFO resign
Lordstown Motors Corp. shares RIDE, -16.92% slid 14% premarket, after the electric pick-up truck company announced a series of sweeping changes in its leadership team on Monday, as it seeks to transition from the research and development phase to the commercial production stage of its business. Chief Executive Steve Burns and Chief Financial Officer Julio Rodriguez have resigned from the company with immediate effect.
"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," David Hamamoto said in a statement on behalf of the board."We have complete confidence in Angela and Becky, and our expanded leadership team, to effectively guide the company during this interim period.
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