Workhorse Group announces executive leadership
CINCINNATI, September 30, 2021 (GLOBE NEWSWIRE) – Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), a U.S. technology company focused on delivering sustainable and cost-effective drone-integrated electric vehicles to the last mile delivery industry, today announced senior management appointments to support its operational and business plans.
âBuilding an experienced management team with deep expertise is of paramount importance as we execute our plans to transition from a cutting edge technology start-up to an efficient manufacturing company,â said Rick Dauch, CEO by Workhorse. âI am delighted to be working closely with these proven industry leaders in their new roles. Each will play a vital role in driving our ongoing review of the business, developing our plans for the future and enabling us to become a leading manufacturer of last mile electric delivery vehicles. “
The leadership changes announced today include:
- Greg Ackerson, Corporate Controller of Workhorse, has been appointed Interim Chief Financial Officer, effective immediately, and will report to Mr. Dauch. He succeeds Steve Schrader, who has left the Company. The departure of Mr. Schrader is not based on any disagreement with the accounting principles or practices of the Company or the disclosures to be provided in the financial statements. The Company has retained the services of a leading executive search firm and is seeking a permanent successor, which will include external and internal candidates.
- Jim Harrington, who was previously Senior Vice President, General Counsel, Secretary and Chief Compliance Officer at Delphi Technologies, has been appointed Chief Executive Officer, General Counsel and Corporate Secretary, effective August 16, 2021, and reports to Mr. Dauch. .
- Josh Anderson, who recently held a number of roles including Founder and Chairman of Leiten, Chairman of RexRover and Chairman of DESCH Systems, has been appointed Chief Technology Officer, a newly created position responsible for managing and overseeing development and Workhorse’s implementation of advanced technology into its products, effective September 21, 2021, and reports to Mr. Dauch.
- Jim Peters, former Executive Director of Global Sourcing and Supplier Quality Operations – Powertrain at American Axle & Manufacturing, has been appointed Vice President, Purchasing and Supply Chain, effective September 1, 2021, and reports to Mr. Dauch.
- Dave Bjerke, former president of Triad Services Group, has been appointed vice president, product development, effective September 27, 2021, and reports to Ryan Gaul, president of commercial vehicles.
- Rob Willison, Chief Operating Officer, has left the company, effective immediately. The Company is eliminating the role of Chief Operating Officer.
Mr. Dauch added, âWe are fortunate to have the leadership and financial acumen of Greg to ensure a smooth transition as we conduct a comprehensive search to identify our next CFO. On behalf of the entire Workhorse team, we thank Steve and Rob for their dedication and contributions to our business and we wish them the best.
About Greg Ackerson
Prior to joining Workhorse, Mr. Ackerson was Senior Director of Insurance at BDO USA LLP from December 2015 to March 2018. He has also held finance and audit positions at publicly traded companies, including as Senior Director technical accounting for NewPage Corporation from 2011 to 2015 and as CFO of JM Smucker from 2008 to 2009. Mr. Ackerson was also an inspection specialist for the PCAOB and held various progressive audit positions at PwC. Mr. Ackerson holds a Master of Science in Accounting and a Bachelor of Business Administration from the University of Cincinnati.
About Jim Harrington
Mr. Harrington most recently served as Senior Vice President, General Counsel, Secretary and Chief Compliance Officer at Delphi Technologies from 2017 to 2020 and held various positions within Tenneco’s Legal Department, including Senior Vice President , General Counsel, Secretary and Chief Compliance Officer from 2009 to 2017. Mr. Harrington received a Bachelor of Business Administration in Accounting from Notre Dame, an MBA from the University of Chicago and a law degree from Northwestern University. He is also a chartered accountant.
About Josh Anderson
Mr. Anderson has held a number of positions recently, including as founder and chairman of Leiten from 2019, a next-generation electric vehicle developer startup targeting the mid-frame market, chairman of RexRover from 2020, a manufacturer of last stage and developer of trucks and work equipment, and president of DESCH Systems since 2013, a design services company focused on the development and electrification of medium and heavy trucks and buses. Prior to these positions, Mr. Anderson was Executive Vice President of Engineering and Director of Research and Development at DesignLine Corporation from 2009 to 2013 and held various positions at Transportation Techniques from 1999 to 2008, including as Director of Technology and Vice President of Vehicle Development. Mr. Anderson received his Bachelor of Science in Engineering from Harvey Mudd College. He is also the co-inventor of eleven issued patents, including ten for electric vehicles and hybrid powertrains and land vehicle controls.
About Jim Peters
Mr. Peters most recently served at American Axle & Manufacturing from 2000 to 2019 in a number of positions of increasing responsibility, including Executive Director of Sourcing and Supplier Quality in Global-Powertrain Operations. From 1984 to 2000, he held various positions at Chrysler in the areas of manufacturing, purchasing, quality and supply chain operations. Mr. Peters received his Bachelor of Arts in Business Administration from Michigan State University.
About Dave Bjerke
Since 1986, Mr. Bjerke has worked for Triad Services Group, a design engineering services company for automotive and military vehicles and related systems, in many roles of increasing responsibility, including most recently as President, chief engineer and program manager, where he led the development and production of tactical vehicles specially designed for use by certain United States government entities, including special operations units, and oversaw the design, technical development, validation, certification and manufacture of vehicles. Mr. Bjerke received his Bachelor of Science in Mechanical Engineering and Master of Business Administration from the University of Cincinnati.
About Workhorse Group Inc.
Workhorse is a technology company focused on delivering drone-integrated electric vehicles to the last mile delivery industry. As an original equipment manufacturer in the United States, our focus is on the design and construction of high performance battery electric vehicles, including trucks and airplanes. Workhorse is also developing cloud-based real-time telematics performance monitoring systems that are fully integrated into our vehicles and allow fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For more information, visit workhorse.com.
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “plan”, “in progress”, “construction”, ” will âor the negative of these terms, or any comparable terminology. Forward-looking statements are statements that are not historical facts. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained in this document. Factors that could cause actual results to differ materially include, but are not limited to: our ability to successfully perform additional tests and implement modifications required on vehicles to achieve FMVSS certification with respect to C -1000; the results of our ongoing review of the Company’s business and future operating and business plans; our ability to capitalize on opportunities to deliver products to meet customer requirements; our limited operations and our need for expansion to fulfill product orders; the risks associated with obtaining orders and executing such orders; the ability to protect our intellectual property; the negative impacts resulting from the continuation of the COVID-19 pandemic; the potential lack of market acceptance of our products; potential competition; our inability to retain key members of our management team; our inability to raise additional capital to fund our operations and business plan; our inability to meet the restrictive covenants of our financing agreements; our inability to maintain the listing of our securities on the Nasdaq Capital Market; our inability to meet warranty claims from our customers; the outcome of any regulatory process; our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission (âSECâ), including our annual report on Form 10-K filed with the SEC. Workhorse expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
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