Workhorse Group CFO, COO Exit In Rejig At EV Company

Electric vehicle maker Workhorse Group said on Thursday two of its top executives, including finance chief Steve Schrader, had left the company and that it had hired new people as part of a management rejig to underpin its commercial goals. The changes signal Workhorse is undergoing a broader management shakeup after Richard Dauch took the helm as its chief executive officer just last month.

Greg Ackerson, the company's corporate controller, will take over as chief financial officer on an interim basis, while the company looks for a permanent successor.

Workhorse said its Chief Operating Officer Rob Willison has also departed, and it was eliminating the role. The company added that it made new hires to the roles of chief technology officer and chief administrative officer, among others.

Workhorse is reportedly under a probe by the U.S. Securities and Exchange Commission, according to a letter from the regulator published by a short seller this month.

Workhorse said its Chief Operating Officer Rob Willison has also departed, and it was eliminating the role.

Workhorse on Thursday said the departure of Schrader, who was CFO for less than two years, was not based on any on any disagreement with the company's accounting principles or practices or financial statement disclosures.

These changes put the spotlight on the EV maker's long-term commercial goals after losing a multibillion-dollar, 10-year contract earlier this year from the U.S. Postal Service (USPS) to manufacture a new generation of postal delivery vehicles.

Last week, Workhorse said it would suspend the deliveries of its flagship C-1000 electric van, saying more tests and modifications were needed to ensure it complies with regulatory standards. It also said it would recall the 41 vans it had already delivered. Shares of the Cincinnati, Ohio-based company fell about 1% on Thursday, after having plunged over 60% this year.