Daniel Ninivaggi
LORDSTOWN — The new chief executive of Lordstown Motors Corp. said he followed the unfortunate events the electric-vehicle startup went through this year. But the past is the past, and he’s determined not to allow it affect the company’s future.
“It shouldn’t affect anything we have to do going forward. They are in the past; there is a process to resolve those things,” said Daniel A. Ninivaggi, who was announced as CEO on Thursday. “I’m going to spend as much time as possible focusing on the future, getting this truck out the door and not what has happened in the past.”
A veteran of the automotive industry, Ninivaggi was given the keys to Lordstown Motors at an important time in the company’s short history — two months after its founder and former CEO abruptly resigned amid concern over the its long-term viability and questions surrounding orders for its flagship vehicle, the Endurance.
He said he fully believes the company can succeed in the growing electric-vehicle market with the full-size battery-powered Endurance that’s aimed at fleet operators.
“When I saw Lordstown come out, I thought, ‘Wow, great strategy and seemingly a great product and hitting the sweet spot of the market,'” Ninivaggi said.
The company’s production facility, the former General Motors assembly plant, is a huge asset, he said. “Most startups don’t start off with a billion-dollar plant. I thought they have a lot going for them,” he said.
His focus, he said, is on the fundamentals.
“It’s getting the truck out, hitting the production plan, making sure we get customer acceptance and making sure we have the resources to deliver all of that,” Ninivaggi said.
“If the vehicle delivers as expected and as promised, I think customer reaction will be very positive,” he said. “But, hey, you have to be productive and that is part of our focus, to get the truck into production and into customers’ hands that can actually drive it.”
The company remains on track to start limited production of the truck at the end of September with validation and regulatory approval complete in December and January. The truck will be deployed to select early customers in the first quarter of 2022 ahead of commercial deliveries in the second quarter of the year.
Ninivaggi is the former CEO of Icahn Enterprises L.P., a diversified holding company controlled by billionaire Carl C. Icahn that, its website states, is involved in eight primary business segments: Investment, energy, automotive, food packaging, metals, real estate, home fashion and pharma.
While with Icahn Enterprises, Ninivaggi also oversaw the company’s automotive aftermarket service network and parts distribution businesses.
He also worked as executive vice president, responsible for corporate development and strategy, of Lear Corp. and later was co-chairman and co-CEO of Federal Mogul Holdings Corp., an $8 billion supplier of powertrain, chassis, sealing, brake and other automotive components before it was sold to Tenneco.
Ninivaggi will receive a yearly salary of $750,000 and an annual target bonus of 125 percent of his base pay, according to his employment agreement.
In addition, the 57-year-old will receive 700,000 stock options and 700,000 restricted stock units that will vest over three years.
Angela Strand, who took the interim CEO role in mid-June, will continue as nonexecutive board chairwoman.
The company encountered some rough spots in recent months that started in March with a stinging short-sellers report. It claimed the company misled investors regarding preorders. The report spawned several federal lawsuits.
In June, the company found itself walking back statements it had firm orders after saying days before there was enough demand to last through 2022.
Also in June, the company’s founder and CEO, Steve Burns, and its chief financial officer, Julio Rodriguez, resigned. No reason was given for the resignation, but the move came in tune with an admission by the company that statements regarding preorders for the Endurance were inaccurate.
It also remains the subject of an investigation by the U.S. Securities and Exchange Commission, which has issued to subpoenas to the company for documents related to its October merger with special purpose acquisition company DiamondPeak Holdings and preorders.
The U.S. attorneys office in Manhattan also has opened a probe into the matters.
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August 30, 2021 at 01:11PM
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