Today, Lordstown Motors made a major step forward toward its production goals with the election of Adam Kroll by the board to Executive VP and CFO. This comes right on time with other huge catalysts ahead. We can anticipate an update regarding the Foxconn detail no later than the next earnings call, according to CEO Daniel Ninivaggie's statement. In addition, they have confirmed that the Endurance and other vehicles will be produced soon.
Adam's experience speaks for itself and seems to be right in line with the current needs of the company.
LORDSTOWN, Ohio, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (“Lordstown Motors” or “LMC”) (Nasdaq: RIDE) announced today that its Board of Directors has elected Adam B. Kroll as Executive Vice President and Chief Financial Officer, effective October 25th, 2021. Mr. Kroll will replace Rebecca Roof, Interim Chief Financial Officer who will remain with the company in a transition role through December 31, 2021.
Mr. Kroll brings to Lordstown Motors nearly twenty-five years of financial, operational and capital markets experience. He previously served as an investment banker at JP Morgan focused on the automotive industry where, during his tenure, he advised companies on over $125 billion in capital markets, loan and M&A transactions. Mr. Kroll also has a strong operational and strategic background, having served as Chief Administrative Officer for Hyzon Motors, interim Chief Financial Officer for UPG Enterprises and Senior Vice President of Finance for PSAV Holdings. Mr. Kroll has an MBA with honors from the University of Chicago Booth School of Business and a BBA from the University of Wisconsin.
“I am very pleased to welcome Adam to our leadership team,” said Dan Ninivaggi, LMC’s Chief Executive Officer. “His deep understanding of the automotive industry and experience in financial operations and strategy will have an immediate impact as we focus on bringing our Endurance pickup truck to market and completing our recently announced partnership with Hon Hai Technology Group (“Foxconn”) (TWSE: 2317).”
“On behalf of our board of directors and the Lordstown Motors team, I’d like to thank Becky Roof for her enormous contributions over the past several months as our Interim Chief Financial Officer. Becky has not only strengthened our finance function but also has been instrumental in driving positive operational changes.”
“I am thrilled to be joining the Lordstown Motors team at this pivotal time,” said Kroll. “I look forward to working with Dan and the entire LMC team to bring the Endurance to market, develop our strategic partnership with Foxconn and execute on the company’s other key priorities. I believe LMC is uniquely positioned, with the team, the assets and focus to capitalize on the automotive industry’s transition to a better, greener future with the Endurance and other vehicles to come.”