Embattled electric vehicle start up Lordstown Motors has suffered another setback with the resignation of CEO Steve Burns and CFO Julio Rodriguez. The departures come on the heels of the company warning there was substantial doubt it would have enough money to remain in business for the next year. The bad news adds to the EV company’s woes as it also faces a U.S. Securities and Exchange Commission (SEC) investigation into claims it misled investors.
Lordstown has appointed its lead independent director, Angela Strand to serve as executive chairwoman. As well, Becky Roof has been named interim CFO for the firm. “We remain committed to delivering on our production and commercialization objectives, holding ourselves to the highest standards of operation and performance and creating value for shareholders,” Strand said in a statement.