- Push-out Score determined
- After about three years in the position
- Praise and thanks for Burns
- Search for a successor
(exechange) — Lordstown, Ohio, June 14, 2021 — Steve Burns, chief executive of Lordstown Motors, leaves — “pursuant to mutual agreements.” As announced by Lordstown Motors Corp. in a news release and in a regulatory filing published on Monday, June 14, 2021, Stephen S. (Steve) Burns leaves his post as chief executive officer at the electric-vehicle maker after about three years in the role, effective immediately.
Lordstown Motors will undertake a search for a successor.
“Transition from the R&D and early production phase to the commercial production phase”
Steve Burns’s departure from the CEO post is explained as follows. Lordstown Motors said: “Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or the “Company”), a leader in electric light duty trucks focused on the commercial fleet market, today announced several changes to its executive management team as the Company begins to transition from the R&D and early production phase to the commercial production phase of its business. To that end, Lordstown Motors Lead Independent Director Angela Strand has been appointed Executive Chairwoman of the Company, and will oversee the organization’s transition until a permanent CEO is identified, and Becky Roof, will serve as Interim Chief Financial Officer. Steve Burns has resigned as Chief Executive Officer and from the Company’s Board of Directors, and Chief Financial Officer Julio Rodriguez has also resigned. All changes are effective immediately and the Company has engaged an executive search firm to identify a permanent CEO and CFO.”
Precise information regarding Steve Burns’s future plans was not immediately available.
Lordstown Motors said: “Effective immediately, pursuant to mutual agreements with the Company, Steve Burns resigned as the Chief Executive Officer of the Company and from the Company’s Board of Directors.”
Share price decline since January 2021
The announcement follows a decline in Lordstown Motors Corp.’s share price of 44% since January 2021.
In the position of CEO since 2018
Steve Burns became CEO of the Company in 2018.
Burns served as Chief Executive Officer and was the Chairman of the Board of Directors.
Burns is Lordstown’s founder and has served as a director on the board of directors of Lordstown and as Lordstown’s Chief Executive Officer since inception.
Burns is the founder and former Chief Executive Officer of Workhorse Group.
Burns was appointed as Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary of Workhorse Group on December 28, 2009 and left Workhorse Group in February 2019.
Prior to Workhorse Group, Burns founded several start-up mobile technology services businesses.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Steve Burns’s move on a scale of 0 to 10.
exechange reached out to Lordstown Motors and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 25.2021 ($).