Shares of Lordstown Motors Corp. rose 1.2% in premarket trading Tuesday, after the electric vehicle maker named President Edward Hightower to the additional role of chief executive officer, effective immediately. Chairman Daniel Ninivaggi, who had also been serving as CEO since August 2021, was also elected executive chairman. Ninivaggi was named CEO last year in the wake of the resignation of former CEO Steve Burns amid “issues” about how the company characterized pre-orders. Separately, the company appointed former Ford Motor Co. executive Dr. Donna Bell as executive vice president, product creation, engineering and supply chain, while Jane Ritson-Parsons will transition out of the role of chief commercial officer to become an advisor. The stock has tumbled 37.6% over the past three months through Monday, while the S&P 500 has shed 12.4%.
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