- Push-out Score determined
- After less than one year in the position
- Edward Hightower taking over
- Ninivaggi will remain as Executive Chairman at Lordstown
- Ninivaggi made a lengthy statement and said 215 words
(exechange) — Lordstown, Ohio, July 12, 2022 — Dan Ninivaggi, chief executive of Lordstown, leaves his position. As announced by Lordstown Motors Corp. in a news release and in a regulatory filing published on Tuesday, July 12, 2022, Daniel A. (Dan) Ninivaggi leaves his post as chief executive officer at the electric-vehicle firm, after less than one year in the role, effective immediately.
Dan Ninivaggi’s duties as CEO will be taken over by Edward T. Hightower, most recently President at Lordstown Motors Corp.
Dan Ninivaggi’s move coincides with a management shake-up also involving the positions of Executive Vice President, Product Creation, Engineering and Supply Chain; Senior Vice President, Sales, Service and Marketing; Vice President of People & Culture; and Chief Commercial Officer.
“Further strengthen the company’s senior leadership team”
Lordstown did not give an explicit reason for Dan Ninivaggi’s departure from the CEO post. Lordstown said: “Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or “LMC”), an original equipment manufacturer (OEM) of electric vehicles focused on the commercial fleet market, today announced several key executive appointments that further strengthen the company’s senior leadership team.”
Ninivaggi will remain as Executive Chairman at Lordstown
“Daniel A. Ninivaggi was elected to serve as Executive Chairman of the Board of Lordstown Motors. In this role, Dan will focus on corporate strategy, strategic partnerships and capital raising,” Lordstown said.
Share price decline since August 2021
The announcement follows a decline in Lordstown Motors Corp.’s share price of 73% since August 2021. August 2021 is the month in which Ninivaggi’s tenure as CEO began.
In the position of CEO since 2021
Dan Ninivaggi became CEO of the Company in 2021.
Ninivaggi has served as the Company’s Chief Executive Officer since August 2021 and Chairman of the Board since May 2022.
He has served as Chairman of Garrett Motion Inc. since April 2021 and served as an independent consultant from September 2019 to August 2021.
Ninivaggi served as Chief Executive Officer of Icahn Automotive Group, LLC (“Icahn Automotive”) and Managing Director of Icahn Enterprises L.P. (“IEP”) - Automotive Segment from March 2017 through August 2019.
IEP is a publicly traded diversified holding company and Icahn Automotive is a wholly-owned subsidiary of IEP.
Prior to that, from February 2014 until March 2017, Ninivaggi served as Co-Chairman (from May 2015) and Co-CEO of Federal-Mogul Holdings Corp., an $8 billion automotive supplier (subsequently acquired by Tenneco, a publicly traded component supplier to automotive, commercial vehicle and industrial original equipment manufacturers and the independent automotive aftermarket).
Ninivaggi was President and Chief Executive Officer of IEP between 2010 and 2014, at which time IEP operated through ten diverse operating segments.
Ninivaggi has served as the Chairman of Garrett Motion Inc., a publicly traded manufacturer of turbochargers and electro-boosting technologies for vehicle manufacturers, since April 2021 and has served as a director of numerous other public and private companies, including: Hertz Global Holdings, Inc., a publicly traded car rental company (from September 2014 to June 2021); Metalsa S.A., a privately held manufacturer of frames and other structural components for automotive and commercial vehicles (Advisory Board); Navistar International Corporation, a publicly traded manufacturer of trucks, buses and engines (from August 2017 to October 2018); Icahn Enterprises G.P. Inc., the general partner of IEP (from 2012 to 2015); CVR Energy, Inc., a publicly traded independent petroleum refiner and marketer of high value transportation fuels (from 2012 to 2014); CVR GP, LLC, the general partner of CVR Partners LP, a publicly traded nitrogen fertilizer company (from 2012 to 2014); XO Holdings, a privately held telecommunications company affiliated with IEP (from 2010 to 2014); Tropicana Entertainment Inc., a publicly traded company primarily engaged in the business of owning and operating casinos and resorts (from 2011 to 2015); Motorola Mobility Holdings Inc., a publicly traded mobile phone and electronics manufacturer (from 2010 to 2011); and CIT Group, Inc., a publicly traded bank holding company (from 2009 to 2011).
Prior to joining IEP, Ninivaggi spent six years at Lear Corporation, a publicly traded Tier 1 automotive supplier specializing, at the time, in seating systems, interior components and systems as well as electrical and electronic distribution systems and components.
Ninivaggi began his career at the law firm of Skadden, Arps, Slate, Meagher & Flom LLP before joining Winston & Strawn LLP, where he became partner.
He holds a Bachelor of Arts degree from Columbia University, an MBA from the University of Chicago Graduate School of Business, and a Juris Doctor degree (with distinction) from Stanford Law School.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Dan Ninivaggi’s move on a scale of 0 to 10.
exechange reached out to Lordstown and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2022 ($).