- Push-out Score determined
- After about two and a half years in the position
- Praise and thanks for Hughes
- Rick Dauch taking over
(exechange) — Cincinnati, Ohio, July 29, 2021 — Duane Hughes, chief executive of Workhorse, leaves — as “mutually agreed.” As announced by Workhorse Group Inc. in a news release and in a regulatory filing published on Thursday, July 29, 2021, Duane A. Hughes leaves his post as chief executive officer at the provider of drone-integrated electric vehicles to the last mile delivery sector after about two and a half years in the role, effective August 2, 2021.
Duane Hughes’s duties as CEO will be taken over by Richard F. (Rick) Dauch, most recently Chief Executive Officer at Delphi Technologies.
The fact that Duane Hughes’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Next phase of operational ramp-up and growth”
Workhorse did not give an explicit reason for Duane Hughes’s departure from the CEO post. Ray Chess, Non-Executive Chairman of the Company’s Board of Directors, said: “Rick’s proven team leadership capabilities, industry expertise, customer focus and successful operational track record make him ideally suited to lead Workhorse into its next phase of operational ramp-up and growth during this dynamic industry shift to electric last mile delivery services.”
Precise information regarding Duane Hughes’s future plans was not immediately available.
“Would no longer continue”
Workhorse said: “Dauch succeeds Duane Hughes who has served as CEO from February 2019 to August 1, 2021, and who previously served as Chief Operating Officer from August 2016 to January 2019. Hughes will continue to serve as a consultant through the transition period.”
Workhorse further said: “On July 26, 2021, the Company and Duane Hughes mutually agreed that Mr. Hughes would no longer continue as a member of the Board of Directors and as Chief Executive Officer and President of the Company, effective August 2, 2021.”
“Not as a result of a disagreement or dispute”
“Mr. Hughes’s departure from the Board of Directors of the Company is not as a result of a disagreement or dispute with the Company,” Workhorse said.
Share price decline since July 2020
The announcement follows a decline in Workhorse Group Inc.’s share price of 41% since July 2020.
Chaired by Ray Chess
Ray Chess serves as Workhorse Group Inc.’s Chairman.
He started working with Workhorse in 2014 on their advisory board, was then elected to their Board of Directors and subsequently became the Chairman.
In the position of CEO since 2019
Duane Hughes became CEO of the Company in 2019.
Hughes is a senior-level executive with more than 20 years’ experience including direct business relationships in the automotive, advertising, and technology segments.
Prior to joining Workhorse/AMP Electric Vehicles, Hughes served as Chief Operating Officer for Cumulus Interactive Technologies Group.
As COO, Hughes was responsible for managing the company’s day-to-day sales and operations.
He was responsible for all operations of the business unit.
Prior to Cumulus ITG, Hughes spent nearly fifteen years in senior management positions with Gannett Co., Inc., including his duties as Vice President of Sales and Operations for Gannett Media Technologies International.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Duane Hughes’s move on a scale of 0 to 10.
exechange reached out to Workhorse and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2021 ($).