Lordstown Motors announces new executive organization

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LORDSTOWN, Ohio, Nov. 10, 2021 (GLOBE NEWSWIRE) – Lordstown Motors (Nasdaq: RIDE) today announced several executive appointments aimed at focusing the company’s resources on its primary near-term goals: marketing the pickup truck Endurance, develop its strategic partnership with Hon Hai Precision Industries (Foxconn) and strengthen its engineering capacities for the future development of vehicles.

Edward T. Hightower, a seasoned automotive executive, was named Lordstown President effective November 29e, 2021. Edward has 30 years of experience in product development, engineering, manufacturing, trading and senior management roles between Ford, BMW and GM. He led GM’s $ 15 billion global crossover business as executive chief engineer and vehicle line manager. At BMW, he helped drive sales, market share and profitability of the 5 Series in the United States to record levels. He is currently the Managing Director of Motoring Ventures LLC and has advised Lordstown as a consultant.

Shea Burns has been appointed Senior Vice President, Operations. In this role, Shea will continue to support the preparation for the launch of Endurance as well as the implementation of the previously announced tentative agreement with Foxconn as a consultant. Shea has over 25 years of experience in the automotive industry, including as a Vehicle Launch Manager at Ford Motor Company and Senior Quality Manager and Director of Engineering Operations at Meritor. Shea brings decades of management consulting, engineering, manufacturing and quality experience in the global light vehicle, utility vehicle and off-road equipment industries to Lordstown. He has also led numerous launches at Ford.

Jane Ritson-Parsons, who held the position of Chief Operating Officer, was appointed to the newly created position of Executive Vice President – Chief Commercial Officer. In this role, Jane will develop Lordstown’s business strategy and continue to oversee several corporate functions including: sales, customer service and support, human resources, brand marketing and communications. These executive appointments follow the recent announcement of Adam Kroll as Chief Financial Officer. Finally, Rich Schmidt stepped down as chairman of Lordstown Motors.

“I am delighted to welcome Edward Hightower and Shea Burns to these leadership roles within the Lordstown team as we enter this critical next phase,” said Dan Ninivaggi, CEO of Lordstown. “They both bring extensive automotive experience and a solid background in engineering, new product development, manufacturing and launch preparation. These skills are particularly important as we pursue not only the launch of Endurance, but also future vehicle development opportunities with Foxconn. I would also like to thank Rich Schmidt for his contribution to Lordstown Motors.

About Lordstown Motors
Lordstown Motors is an Ohio-based electric vehicle (EV) innovator that develops high-quality light commercial vehicles, with the all-electric Endurance pickup truck as the first vehicle launched at the Lordstown, Ohio plant. Lordstown Motors has engineering, research and development facilities in Farmington Hills, Michigan and Irvine, California. For more information, visit www.lordstownmotors.com.

Forward-looking statements
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “” intends “,” should “,” must be ”or the negative of these terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to not limited to: our limited operation history and our significant projected financing needs; our liquidity position; the need to raise substantial additional capital to continue ongoing operations; risks associated with converting and retooling our plant and ramping up production; our inability to obtain binding purchase orders from customers and the inability of potential customers to integrate our electric vehicles into their existing fleets; our inability to retain key personnel and hire additional personnel; competition in the electric pickup truck market; supply chain disruptions; the potential inability to source essential components; our inability to develop a commercial distribution network; the ability to protect our intellectual property rights; and failure to obtain the required regulatory approvals. In addition, our tentative agreement with Foxconn is non-binding and subject to the negotiation and execution of definitive agreements. No guarantee can be given that definitive agreements will be concluded on the terms envisaged, if at all. No assurance can be given either as to the timing of such agreements. Additionally, potential supply chain disruptions and their impact on testing and other activities could present challenges that would impact our commercial production schedule. Forward-looking statements speak only as of the date on which they are made, and Lordstown Motors does not undertake to update any forward-looking statements to reflect events or circumstances subsequent to the date of this press release.

Contacts:

Investors
Carter Driscoll
[email protected]

Media
Kimberly Fate
[email protected]

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