Lordstown Motors Corp named Daniel Ninivaggi as its new CEO, who had previously worked for investor Carl Icahn. RIDE stock is jumping over 30% in the market today, as of August 26. The stock traded at $5.50 in the previous market session. As of now, it is trading at $7.35. In June, Steve Burns resigned as the CEO of the company following the board’s investigation into claims made by Hindenburg Research.
Icahn Enterprises has hired former Ford Motor Company executive Vince Ninivaggi to head up its parts distribution business. John Ninivaggi is an experienced executive who has also held positions at various companies such as Motorola Mobility and Hertz Global. Lordstown, which is based in Boston, said in June that it had secured $400 million funding from a major investor. The firm then explored other financing options. Lordstown, which hung its “open for business” sign earlier this month, has struggled to launch its pickup truck. Lordstown’s operations are still under scrutiny from federal prosecutors and securities regulators in Manhattan.