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Last-mile delivery and electric vehicle company Workhorse Group Inc (NASDAQ:WKHS) announced its new chief executive officer Thursday.
What Happened: Richard F. Dauch was named the new CEO of Workhorse, beginning Aug. 2, 2021. Dauch will also join the Board of Directors.
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Dauch follows Duane Hughes in the role, who served as CEO from February 2019 to August 2021 after serving as COO from August 2016 to January 2019. Hughes will serve as a consultant during the transitional period.
Related Link: OshKosh Nabs USPS Next Generation Delivery Vehicle Contract, Workhorse Stock Plummets
Why It’s Important: Dauch has more than 25 years of experience leading companies in the industry, including 12 as a CEO.
Dauch was the CEO of Delphi Technologies from January 2019 to October 2020. During his time with the company, Dauch completed the spin-off of Aptiv PLC (NYSE:APTV) and helped complete Delphi’s merger with BorgWarner Inc. (NYSE:BWA).
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Dauch was an advisor to BorgWarner from October 2020 to April 2021 after the merger with Delphi was completed.
Prior to joining Delphi, Dauch was the president of Acument Global Technologies, a fastening solutions provider for aerospace and automotive companies. Other companies in Dauch’s body of work include American Axle and Manufacturing (NYSE:AXL) and United Technologies.
Dauch’s history with automotive companies and success of mergers and spin-offs could provide some optimism for Workhorse shareholders.
Shares have fallen since the company was not selected to win a large USPS contract. Workhorse is suing the U.S. government over the contract award.
Workhorse will release its second-quarter financial results on August 9.
WKHS Price Action: WKHS shares are up 5.38% to $11.91 Thursday at publication.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.