Lordstown didn’t give a concrete reason for the departures of CEO Steve Burns and CFO Julio Rodriguez.
But board member David Hamamoto said in a press release that as the company plans to start limited production of its vehicles in late September, it was time to “put in place a seasoned management team with deep experience leading and operating” publicly listed auto companies. Lordstown said it has hired an executive search firm to find a permanent CEO and CFO.
Lordstown has named its lead independent director Angela Strand as executive chairwoman to oversee the company until a replacement is found for Burns, who is also giving up his seat on Lordstown’s board.
Becky Roof, an accountant and consultant who has previously served as interim CFO at Eastman Kodak and retailer Hudson’s Bay, will serve as interim CFO, replacing Rodriguez.
Lordstown has also been battling charges from a research firm named Hindenburg that has questioned the validity of various sales contracts and also raised safety concerns about the Endurance.
In a separate statement Monday, Lordstown said that a special committee that reviewed the Hindenburg allegations concluded that the research firm’s findings are “in significant respects, false and misleading.”
However, the committee did concede that “Lordstown Motors made periodic disclosures regarding pre-orders which were, in certain respects, inaccurate.”