lordstown-motors-names-former-icahn-enterprises-ceo-daniel-a.-ninivaggi-as-ceo-with-immediate-effect

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

Electric vehicle maker Lordstown Motors Corp.
RIDE,
-4.17%

said Thursday it has named Daniel A. Ninivaggi as chief executive with immediate effect. Ninivaggi is a former CEO of Icahn Enterprises LP
IEP,
-1.53%
,
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.
LEA,
0.36%

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
SPX,
0.22%

has gained 19.7%.