Lordstown Motors names former Icahn Enterprises CEO Daniel A. Ninivaggi as CEO with immediate effect

Electric vehicle maker Lordstown Motors Corp.

said Thursday it has named Daniel A. Ninivaggi as chief executive with immediate effect. Ninivaggi is a former CEO of Icahn Enterprises LP
the investment vehicle of activist Carl Icahn, and has held a number of senior roles in the automotive and transportation industries. The executive is a former executive vice president of Lear Corp.

and was co-chairman and co-CEO of Federal Mogul Holdings Corp. “I believe the demand for full-size electric pickup trucks will be strong and the Endurance truck, with its innovative wheel hub motor design, has the opportunity to capture a meaningful share of the market,” Ninivaggi said in a statement. The news sent Lordstown shares up 5.3% premarket, although they are down 72% in the year to date, while the S&P 500

has gained 19.7%.