Lordstown Motors Corp. said its chief executive and top financial leader have resigned, decisions that come amid a new report from a board committee that says some aspects of disclosures it made about truck preorders were inaccurate.
Lordstown Motors, which plans to build electric pickup trucks at a former General Motors Co. assembly plant in Ohio, on Monday said Steve Burns, its CEO, and Julio Rodriguez, its finance chief, have stepped down from the company. Mr. Burns also stepped down from the company’s board, according to Lordstown Motors.
Mr. Burns declined to comment. Efforts to reach Mr. Rodriguez, including asking for comment through a company spokesman, weren’t immediately successful.
Lordstown Motors’s stock fell 20.1% in Monday morning trading to about $9.10 a share, its biggest percentage decrease since it went public last fall.
The company also said Monday that the special board committee found that some disclosures it had made about preorders for the truck it hopes to manufacture were inaccurate. The committee largely rejected a report about Lordstown Motors from short seller Hindenburg Research, calling it false and misleading in significant respects, the company said.
