Oct 13 (Reuters) - Electric-truck maker Lordstown Motors
Corp named Adam Kroll as chief financial officer,
months after the departure of former CEO and finance chief
following an internal investigation into claims made by a
Kroll, who has previously served as an investment banker at
JP Morgan with a focus on the automotive industry, will assume
his new role on Oct. 25. He replaces interim CFO Rebecca Roof,
who will stay on in a transition role through Dec. 31.
Lordstown and fellow EV maker Nikola, both of which
went public via acquisitions by special-purpose acquisition
companies (SPAC), have become a target of short-seller
Hindenburg. Both saw their founders subsequently resign.
In June, Lordstown founder and CEO Steve Burns and CFO Julio
Rodriguez resigned. The resignations had come as the company's
board reported conclusions from an internal investigation into
claims made by short-seller Hindenburg.
Lordstown still faces a lot of scrutiny from federal
prosecutors in Manhattan and the U.S. Securities and Exchange
Commission related to its merger with a SPAC, and statements it
previously made about pre-orders for its vehicles.
The company in August, filled the first of the two vacant
C-suite positions by appointing Daniel Ninivaggi as CEO, handing
over the reins to the former employee of investor Carl Icahn,
who had said his focus will be on making sure Lordstown
successfully rolls out its pickup trucks in the face of intense
Kroll, 46, most recently served as chief administrative
officer for Hyzon Motors, which has also been a target
of short-seller Blue Orca in recent weeks. The company has,
however, rejected the short-seller's report, saying it was
inaccurate and misleading.
Shares of the company, which is doubling down its efforts to
roll out its first pickup truck, were up 1.2% on Wednesday. They
have slumped about 75% this year.
(Reporting by Subrat Patnaik and Eva Mathews in Bengaluru;
Editing by Anil D'Silva and Shinjini Ganguli)