Electric vehicle maker Workhorse Group said Thursday two of its top executives, including CFO Steve Schrader, have left the company and hired new people as part of a management overhaul to support its business objectives.
The changes indicate that Workhorse is undergoing a broader management reshuffle after Richard Dauch took the helm as chief executive last month.
Greg Ackerson, the Company’s Corporate Controller, will assume the role of Interim Chief Financial Officer, while the company seeks a permanent successor.
Workhorse said his COO, Rob Willison, is also gone and is removing the role. The company added that it had recruited new people to the positions of chief technology officer and chief administrative officer, among others.
Workhorse is reportedly under investigation by the United States Securities and Exchange Commission, according to a letter from the regulator released by a short seller this month.
Workhorse said Thursday that the departure of Schrader, who was CFO for less than two years, was not based on any disagreement with the company’s accounting principles or practices or financial statement disclosure.
These changes highlight the electric vehicle maker’s long-term business goals after losing a 10-year, multi-billion dollar contract earlier this year with the US Postal Service (USPS) to manufacture a new generation of delivery vehicles. postal.
Last week, Workhorse announced it would suspend deliveries of its flagship C-1000 electric pickup truck, saying more testing and modifications were needed to ensure it meets regulatory standards. He also said he would recall the 41 vans he had already delivered.
Shares of the Cincinnati, Ohio-based company fell about 1% on Thursday, after plunging more than 60% this year.