By Dhirendra Tripathi
Investing.com – Workhorse stock (NASDAQ:) rose 2.5% as the company abruptly replaced its chief executive officer with a new boss, Richard F. Dauch, and withdrew its financial guidance.
The departing CEO Duane Hughes will be in the chair till August 1 after which the Ohio-based electric vehicle maker said he will continue to serve as a consultant through the transition period.
Dauch was most recently CEO of Delphi Technologies (NYSE:) and has 30 years of experience in the automotive and manufacturing industries, Workhorse said in a regulatory filing. He is a graduate of the United States Military Academy at West Point and has a master’s degree in engineering and management from the Massachusetts Institute of Technology.
The Workhorse stock had a stupendous rise on the back of the meme stock rally, touching a high of $42.96 in February this year from $1.32 in March 2020.
Last month, it took United States Postal Service to court for awarding a $6 billion order to Oshkosh (NYSE:) to make next generation of electric postal delivery vehicles.