Lordstown Motors chief executive Steve Burns resigns

The chief executive and chief financial officer of electric vehicle start-up Lordstown Motors have resigned less than a week after the company said it risked failing because of a lack of funds.

Outgoing chief executive Steve Burns will be replaced by independent director Angela Strand, who will lead the company until a permanent replacement is found.

Becky Roof, who has served as an interim CFO for companies including Eastman Kodak and Aceto, is set to take over as interim chief financial officer following Julio Rodriguez’s departure.

“All changes are effective immediately,” said Lordstown, which provided no reason for either departure. Shares in the Ohio-based company fell more than 13 per cent in pre-market trading following the news.

Strand — described by Lordstown as “a thought leader and expert in the commercial electric vehicle sector” — said the company remained “committed to delivering on our production and commercialisation objectives, holding ourselves to the highest standards of operation and performance and creating value for shareholders”.

The company last week amended its annual report with the Securities and Exchange Commission to say that in one year it may no longer function as “a going concern”.