<a href="https://www.wsj.com/market-data/quotes/RIDE">Lordstown Motors</a><span class="company-name-type"> Corp.</span> has hired a new finance chief, a move that comes as the electric-truck startup works to evaluate new financing options and bring its first pickup to market.
The Lordstown, Ohio-based company on Wednesday named 46-year-old
Adam Kroll as its chief financial officer, effective Oct. 25. Mr. Kroll, a former investment banker, most recently served as chief administrative officer of Hyzon Motors Inc., a supplier of hydrogen-powered commercial vehicles, from March through July.</p><div> <p>He previously worked as interim CFO at UPG Enterprises LLC, a family office, from October 2020 to January. Before that, he spent five years at event-technology provider PSAV Holdings, where he served as treasurer, head of corporate development and senior vice president of finance. Mr. Kroll from 2007 to 2015 worked as an executive director at JPMorgan Chase & Co. and advised companies in the automotive sector on capital markets and loan transactions as well as mergers and acquisitions. <div data-layout="wrap " data-layout-mobile="" class=" media-object type-InsetMediaIllustration wrap scope-web|mobileapps article__inset article__inset--type-InsetMediaIllustration article__inset--wrap "> <figure class=" media-object-image enlarge-image img-wrap article__inset__image " itemscope="" itemtype="http://schema.org/ImageObject"> <div style="padding-bottom:100%;" data-subtype="photo" class="image-container responsive-media article__inset__image__image"> <img srcset="https://images.wsj.net/im-416278?width=300&size=1 300w, https://images.wsj.net/im-416278?width=639&size=1 639w, https://images.wsj.net/im-416278?width=639&size=1&pixel_ratio=1.5 958w, https://images.wsj.net/im-416278?width=639&size=1&pixel_ratio=2 1278w, https://images.wsj.net/im-416278?width=639&size=1&pixel_ratio=3 1917w" sizes="(max-width: 639px) 100vw, (max-width: 979px) 300px, (max-width: 1299px) 300px, 300px" src="https://images.wsj.net/im-416278?width=639&height=639" alt="" title=""/> </div> <figcaption class="wsj-article-caption article__inset__image__caption" itemprop="caption"> <h4 class="wsj-article-caption-content">Adam Kroll, the new CFO of Lordstown Motors.</h4> <span class="wsj-article-credit article__inset__image__caption__credit" itemprop="creator"> <span class="wsj-article-credit-tag"> Photo: </span> Lordstown Motors Corp </span>
</div> Mr. Kroll is set to replace Lordstown’s interim CFO, Rebecca Roof, who has been in the position since June. Former finance chief Julio Rodriguez and Steve Burns, the former chief executive, <a href="https://www.wsj.com/articles/lordstown-motors-chief-executive-finance-chief-resign-11623676356?mod=article_inline" target="_blank" class="icon none" rel="noopener">stepped down</a> that month after a board committee found that parts of Lordstown’s disclosures about preorders for its trucks were inaccurate. Lordstown CEO Dan Ninivaggi, who <a href="https://www.wsj.com/articles/lordstown-motors-names-former-icahn-executive-as-ceo-11629979482?mod=article_inline" target="_blank" class="icon none" rel="noopener">took over in August</a>, praised Mr. Kroll’s range of experience. “He checks…three boxes,” Mr. Ninivaggi said. “He is operational, he is strategic and he has experience in capital markets.” Lordstown last month said it has engaged investment-banking firm Jefferies LLC to advise the company on its financing options. Mr. Ninivaggi said he expects Lordstown to pursue such options but didn’t provide more details. “Adam would be taking a leading role in evaluating and pursuing our financing alternatives,” Mr. Ninivaggi said. The company’s new finance chief will focus on refining its business model, looking at strategic opportunities and communicating with investors, Mr. Ninivaggi said. The company will provide an update on its first truck, the Endurance, during its next quarterly earnings release in November, Mr. Ninivaggi said. Lordstown previously said it would begin <a href="https://www.wsj.com/articles/electric-truck-startup-lordstown-motors-says-it-is-on-track-to-start-truck-production-talking-to-potential-partners-11628717625?mod=article_inline" target="_blank" class="icon none" rel="noopener">limited production in late September</a>. The company, which went public by merging with a special-purpose acquisition company and isn’t generating revenue yet, earlier this year revealed that the Securities and Exchange Commission is <a href="https://www.wsj.com/articles/lordstown-motors-says-it-is-cooperating-with-sec-inquiry-remains-on-track-to-start-truck-production-11616017342?mod=article_inline" target="_blank" class="icon none" rel="noopener">reviewing its business</a>. The company has said it is cooperating with the inquiry, alongside a probe by the Justice Department, which was <a href="https://www.wsj.com/articles/justice-department-is-probing-lordstown-motors-11625239730?mod=article_inline" target="_blank" class="icon none" rel="noopener">disclosed in July</a>. <div data-layout="wrap " data-layout-mobile="inline" class=" media-object type-InsetNewsletterSignup wrap scope-web|mobileapps article__inset article__inset--type-InsetNewsletterSignup article__inset--wrap "> <div class="webui-newsletter-inset" id="webui_newsletter_inset"> <div class=""><div id="newsletter-card-container-260" class="ArticleInsetNewsletterCard--newsletter-card-container-2GnNXjTI7DexTep6Qis6jQ "><hr class="ArticleInsetNewsletterCard--partial-hr-1DeVSSYxozlKjCBa1oFn3c "/><h4 class="ArticleInsetNewsletterCard--newsletter-signup-title-1lX_qTsd_qyFPWrS_ofBJG ">Newsletter Sign-up</h4></p><div class="ArticleInsetNewsletterCard--card-container-3VXU1TS3nFYBuuf9q3mP8e "><div class="ArticleInsetNewsletterCard--card-info-container-37bi2ktbJVdyEsdc-uYjAt "><h5 class="ArticleInsetNewsletterCard--label-name-2rbcs8VV-ceE9OxoHClnle " data-newsletter-id="260"> CFO Journal </h5><div class="ArticleInsetNewsletterCard--card-description-1S-H-t1w6h_dYWFOt6BFx8 "><p> The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. </p></div></div></div><hr class="ArticleInsetNewsletterCard--partial-hr-1DeVSSYxozlKjCBa1oFn3c "/></div></div>