Lordstown Motors Appoints Ninivaggi as CEO

LORDSTOWN, Ohio – Lordstown Motors Corp. announced this morning that its board of directors has appointed Daniel A. Ninivaggi as CEO and as a member of the board, effective immediately.

Ninivaggi is the former CEO of Icahn Enterprises L.P., a diversified holding company controlled by Carl C. Icahn, and has served in a variety of senior leadership positions in the automotive and transportation industries. He began his automotive career at Lear Corp., ultimately serving as executive vice president, where he was responsible for, among other functions, corporate development and strategy. He later held the positions of co-chairman and Co-CEO of Federal Mogul Holdings Corp., an $8 billion supplier of powertrain, chassis, sealing, brake and other automotive components, prior to its sale to Tenneco.

While with Icahn Enterprises, Ninivaggi also oversaw Icahn Enterprises’ automotive aftermarket service network and parts distribution businesses.

Ninivaggi has extensive experience as a director of public companies, including Icahn Enterprises, Motorola Mobility (before its sale to Google), Navistar International, Hertz Global Holdings and CVR Energy. He currently serves as the chairman of the board of Garrett Motion Inc., a Tier 1 supplier of turbochargers and other propulsion products.

“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. With an absolute focus on execution, I look forward to working with the talented Lordstown management team, our suppliers and other partners to bring the Endurance to market and maximize the value of our assets,” said Ninivaggi in a prepared statement.

“The board is enthusiastic about Dan’s appointment as CEO,” said David Hamamoto, chairman of the board search committee. “We are impressed with his broad automotive background, track record, strategic thinking, and team-oriented leadership talent. Furthermore, his capital markets expertise and investment proficiency will be invaluable in navigating the company through its commercial ramp-up, capital allocation and growth phase. We unanimously concluded that he has the optimal combination of skills and public company experience to lead Lordstown Motors at this time. On behalf of the entire board, I’d like to thank Angela Strand who successfully served as executive chairwoman during the CEO transition period and will continue as non-executive chair going forward.”

Ninivaggi is a graduate of Stanford University School of Law, the University of Chicago Graduate School of Business and Columbia University.

SOURCE: Lordstown Motors Corp.

Published by The Business Journal, Youngstown, Ohio.