Lordstown Motors names former Icahn Enterprises CEO Daniel A. Ninivaggi as CEO with immediate effect

Electric vehicle maker Lordstown Motors Corp. RIDE, -4.17% said Thursday it has named Daniel A. Ninivaggi as chief executive with immediate effect. Ninivaggi is a former CEO of Icahn Enterprises LP IEP, -1.53%, the investment vehicle of activist Carl Icahn, and has held a number of senior roles in the automotive and transportation industries. The executive is a former executive vice president of Lear Corp. LEA, +0.36% and was co-chairman and co-CEO of Federal Mogul Holdings Corp. "I believe the demand for full-size electric pickup trucks will be strong and the Endurance truck, with its innovative wheel hub motor design, has the opportunity to capture a meaningful share of the market," Ninivaggi said in a statement. The news sent Lordstown shares up 5.3% premarket, although they are down 72% in the year to date, while the S&P 500 SPX, +0.22% has gained 19.7%.