Lordstown Motors Appoints New CFO
LORDSTOWN, Ohio — Electric-vehicle manufacturer Lordstown Motors Corp. announced Wednesday that it has appointed Adam B. Kroll as the company’s new executive vice president and chief financial officer.
Kroll replaces Becky Roof as CFO. Roof was appointed as interim CFO in June after the resignations of former CFO Julio Rodriguez and Lordstown Motors founder and former CEO Steve Burns.
Burns and Rodriguez resigned after an internal investigation found that executives had made public statements that exaggerated the number and nature of preorders for the Endurance, an all-electric pickup that is in production at the company’s plant here.
In August, Lordstown Motors appointed Daniel Ninivaggi as the company’s CEO.
“I am very pleased to welcome Adam to our leadership team,” said Ninivaggi said. “His deep understanding of the automotive industry and experience in financial operations and strategy will have an immediate impact as we focus on bringing our Endurance pickup truck to market and completing our recently announced partnership with Hon Hai Technology Group.”
In late September, Lordstown Motors announced it had reached a deal to sell the Lordstown Assembly plant to Hon Hai, commonly known as Foxconn, for $230 million. Under the proposed agreement, Foxconn would purchase another $50 million in Lordstown stock and act as the contract manufacturer for the Endurance.
“On behalf of our board of directors and the Lordstown Motors team, I’d like to thank Becky Roof for her enormous contributions over the past several months as our Interim Chief Financial Officer,” Ninivaggi said. “Becky has not only strengthened our finance function but also has been instrumental in driving positive operational changes.”
Kroll will receive an annual salary of $450,000 and an annual bonus with a target equal to 80% of that salary, according to documents Lordstown Motors filed with regulators this morning. Kroll will also receive 200,000 units in stock options and another 250,000 restricted stock units.
“I am thrilled to be joining the Lordstown Motors team at this pivotal time,” Kroll said. “I look forward to working with Dan and the entire team to bring the Endurance to market, develop our strategic partnership with Foxconn and execute on the company’s other key priorities. I believe LMC is uniquely positioned, with the team, the assets and focus to capitalize on the automotive industry’s transition to a better, greener future with the Endurance and other vehicles to come.”
Kroll boasts nearly 25 years of financial, operational and capital markets experience. He previously served as an investment banker at JP Morgan focused on the automotive industry where, during his tenure, he advised companies on more than $125 billion in capital markets, loan and M&A transactions. Mr. Kroll also has a strong operational and strategic background, having served as chief administrative officer for Hyzon Motors, interim CFO for UPG Enterprises and senior vice president of finance for PSAV Holdings. Mr. Kroll has an MBA with honors from the University of Chicago Booth School of Business and a bachelor’s degree in accounting from the University of Wisconsin.
Copyright 2021 The Business Journal, Youngstown, Ohio.