Lordstown Motors Corp. said on Monday that CEO Steve Burns and CFO Julio Rodriguez have resigned, days after the electric truck maker warned that it had "substantial doubt" about its ability to continue as a going concern in the next year.
Lordstown said its lead independent director, Angela Strand, has been appointed executive chairwoman and would oversee the firm's transition until a permanent CEO is identified.
The company named Becky Roof as interim CFO effective immediately. Roof has previously served as interim finance chief at numerous companies including Eastman Kodak and Hudson's Bay Co.
Shares in Lordstown plunged Monday, closing down nearly 19 percent to $9.26.
Strand, 52, is managing director of an advisory firm specializing in technology and business strategy, and has worked with fleets and fleet management companies, the types of customers Lordstown is aiming to win after production of its Endurance pickup is scheduled to start in September.
She will take part in a media appearance on Tuesday Lordstown had scheduled for Burns and other executives with the Automotive Press Association.