Fleet Financing

Lordstown Motors announces leadership transition




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Angela Strand, Lead Director, appointed Executive Chairman

Becky Roof, appointed Interim CFO

CEO Steve Burns and CFO Julio Rodriguez resign from the company

LORDSTOWN, Ohio, June 14, 2021 (GLOBE NEWSWIRE) – Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or the “Company”), a leader in electric light trucks focused on the commercial fleet market, today announced several changes to its management team as the Company begins to move from the R&D and first production phase to the commercial production phase of its activities.

To this end, Angela Strand, Senior Independent Director of Lordstown Motors, has been appointed Executive Chairman of the company and will oversee the organization’s transition until a permanent CEO is identified, and Becky Roof will assume the role of Director. interim financial. Steve Burns has resigned as chief executive and board of directors of the company, and chief financial officer Julio Rodriguez has also resigned. All changes are effective immediately and the company has hired an executive search firm to identify a permanent CEO and CFO.

Speaking on behalf of the Board of Directors, David Hamamoto said: “Lordstown Motors has taken important steps in the development of the first and best full-size all-electric pickup, the Lordstown Endurance. We thank Steve Burns for his passion and commitment to the business. As we move into the commercial phase of our business – with the expected start of limited production at the end of September – we need to build a seasoned management team with extensive experience in leading and operating OEM companies. listed on the stock exchange. We have complete confidence in Angela and Becky, and our extended management team, to effectively guide the business during this interim period. “

The Company has further strengthened its management team. Key people, along with their roles and responsibilities, include:

  • Rich Schmidt, president of Lordstown Motors, will continue to oversee all day-to-day operations, including manufacturing and engineering. Mr. Schmidt was promoted to president in November after serving as Lordstown’s production manager. He has over 30 years of expertise in the automotive industry, including experiences at Toyota and Nissan, Hyundai, Volkswagen, JD Power and Tesla Motors.
  • Jane Ritson-Parsons, formerly Lordstown Motors Acting Brand Manager, has been appointed Chief Operating Officer. Jane is a highly experienced global executive who has demonstrated leadership and success in revenue generation. She recently proved herself at Hasbro Inc as a Group Executive, Global Marketing.
  • Carter Driscoll, formerly head of investor relations at Lordstown Motors, has been promoted to vice president, corporate development, capital markets and investor relations.
  • Tom Canepa, General Counsel, Shane Brown, Production Manager, Darren Post, VP Engineering, John Vo, VP Propulsion, will all remain in their current roles to continue to guide the progress of the company. .

Ms. Strand said, “We remain committed to achieving our production and marketing goals, meeting the highest operating and performance standards and creating shareholder value. Together with the management team, I will continue to work closely with them and the Board of Directors to implement Lordstown’s vision for the future of electrified transportation. I am delighted to lead the passionate and dedicated team of Lordstown employees and to work with our valued customers, suppliers, investors and partners and to host Lordstown Week, which begins June 21.

Ms. Strand is currently Managing Director of Strand Strategy, a multi-industry technology, business strategy and organizational development consultancy, working with business leaders, investors, suppliers and decision makers. She is considered a thought leader and expert in the commercial electric vehicle industry, with a decade of real-world leadership and consulting experience working with fleets, fleet management companies, OEMs, utilities, finance and infrastructure solution providers to successfully launch and deploy electric trucks and end-to-end infrastructure solutions. Ms. Strand also currently serves on the board of directors of Nuvve Corp (NASDAQ: NVVE).

Ms. Roof will assume the position of Interim Chief Financial Officer, effective immediately. She is a chartered accountant and seasoned financial executive who has served as a consultant to publicly traded companies and interim CFO at numerous companies including Eastman Kodak, Hudson’s Bay Company, Saks Fifth Avenue and Aceto Corporation, a publicly traded generic pharmaceutical and specialty chemicals company.

About Lordstown Motors Corp.Lordstown Motors is an Ohio-based light fleet vehicle original equipment manufacturer with the goal of transforming Mahoning Valley and Lordstown, Ohio, into the epicenter of electric vehicle manufacturing. The company owns the 640-acre, 6.2 million square foot Lordstown Assembly Plant where it plans to build the Lordstown Endurance, believed to be the world’s first all-electric pickup designed to serve the commercial fleet market. For more information, visit www.lordstownmotors.com.

Forward-looking statementsThis press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel”, “believe”, “expect”, “Estimate”, “projects”, “intends”, “should”, “must be”, or the negative of these terms, or any other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to not limited to: our limited operation history and our significant projected financing needs; risks associated with converting and retooling our plant and ramping up production; our inability to secure binding purchase orders from customers and the inability of potential customers to integrate our electric vehicles into their existing fleets; our inability to retain key personnel and hire additional personnel; competition in the electric pickup truck market; our inability to develop a commercial distribution network; and the ability to protect our intellectual property rights. Forward-looking statements speak only as of the date on which they are made, and Lordstown Motors does not undertake to update any forward-looking statements to reflect events or circumstances subsequent to the date of this press release.

Contacts:

InvestorsCarter [email protected]

MediaRyan [email protected]

Source: Lordstown Motors Corp



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