Lordstown Motors names former Icahn Enterprises CEO Daniel A. Ninivaggi as CEO with immediate effect

Electric conveyance shaper Lordstown Motors Corp. RIDE, -4.17% said Thursday it has named Daniel A. Ninivaggi arsenic main enforcement with contiguous effect. Ninivaggi is simply a erstwhile CEO of Icahn Enterprises LP IEP, -1.53%, the concern conveyance of activistic Carl Icahn, and has held a fig of elder roles successful the automotive and proscription industries. The enforcement is simply a erstwhile enforcement vice president of Lear Corp. LEA, +0.36% and was co-chairman and co-CEO of Federal Mogul Holdings Corp. "I judge the request for full-size electrical pickup trucks volition beryllium beardown and the Endurance truck, with its innovative instrumentality hub centrifugal design, has the accidental to seizure a meaningful stock of the market," Ninivaggi said successful a statement. The quality sent Lordstown shares up 5.3% premarket, though they are down 72% successful the twelvemonth to date, portion the S&P 500 SPX, +0.22% has gained 19.7%.