Why Lordstown Motors Stock Popped Today

Lordstown Motors (NASDAQ: RIDE) hasn't had many good days on the stock market in the last year. Its shares are down about 80% in the last 12 months. But its investors got some welcome news Tuesday, and Lordstown closed the session up by 5.8%.

The company announced a management shakeup, signaling to investors that it is ready to move closer to the commercialization stage of the business. President Edward Hightower is taking on the additional role of CEO, while Daniel Ninivaggi, the former holder of that title, is becoming executive chairman of the board. Lordstown also named former Ford executive Donna Bell as executive vice president of product creation, engineering, and supply chain. 

Image source: Lordstown Motors.

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Source Fool.com