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Lordstown Motors shares slammed premarket as CEO and CFO resign

Lordstown Motors Corp. shares undefined slid 14% premarket, after the electric pick-up truck company announced a series of sweeping changes in its leadership team on Monday, as it seeks to transition from the research and development phase to the commercial production stage of its business. Chief Executive Steve Burns and Chief Financial Officer Julio Rodriguez have resigned from the company with immediate effect. The company has engaged an executive search firm to help find permanent CEO and CFO. In the meantime, it named lead independent director Angela Strand as executive chairwoman and named Becky Roof Interim CFO. "As we transition to the commercial stage of our business -- with planned commencement of limited production in late-September -- we have to put in place a seasoned management team with deep experience leading and operating publicly-listed OEM companies," David Hamamoto said in a statement on behalf of the board. "We have complete confidence in Angela and Becky, and our expanded leadership team, to effectively guide the company during this interim period." The company also named Jane Ritson-Parsons, most recently executive at Hasbro Inc. undefined, as chief operating officer. Separately, the company said a special committee formed to investigate allegations made by short seller Hindenburg Research found issues regarding certain statements made about pre-orders, but that other allegations regarding demand for its Endurance truck were not accurate. Shares have fallen 43% in the year to date, while the S&P 500 undefined has gained 13%.