TNI || New Delhi || 14th Oct 2021
Lordstown Motors Corp, the electric truck maker, has named Adam Kroll as its Chief Financial Officer, months after the former CEO and Finance Head departed following an investigation into the claims made by one of the short-sellers.
Kroll has been a part of JP Morgan serving as an investment banker where he was focused on the automotive industry.
He will assume his new role from October 25 and will be replacing the interim CFO, Rebecca Roof, who is expected to stay in a transition role till December 31.
Lordstown, as well as fellow EV maker Nikola, who went public through acquisition by special purpose acquisition companies were targeted by a short-seller Hindenburg and subsequently saw their founders resign.
The CEO of both the companies resigned as their respective boards reported conclusions from an internal investigation that was done after the short-sellers had made claims.
Lordstown still faces scrutiny from the federal prosecutors and the U.S. authorities due to a merger with SPAC and also the statements it had made previously about the pre-order of its vehicles.
Kroll most recently was the chief administrative officer for Hyzon Motors, which has also been a target of another short-seller, Blue Orca. The company has, however, dismissed the short-seller’s report, by confirming that it was inaccurate and misleading.