Lordstown Motors taps Hertz board member to right the ship
Lordstown Motors has hired a new CEO, Daniel Ninivaggi, just two months after its previous chief executive and founder resigned after misleading investors. Ninivaggi comes from an automotive background and recently wrapped up a seven-year stint as a member of Hertz’s board of directors, where he helped oversee the rental car company’s very public bankruptcy and restructuring.
That experience could come in handy. Lordstown Motors needs someone at the helm who can steer the company through the adversity that lies ahead — including, mainly, surviving past early 2022, which is when the startup says it expects to deliver its first electric pickup trucks and when it will also run out of money unless it finds new funding. But Lordstown Motors’ s…