#United States #New York #Nu Ride #Alexander Matina #William Gallagher

Nu Ride Inc. Announces Leadership Change

New CEO Takes the Helm
Nu Ride Inc., previously known as Lordstown Motors Corp., has officially named Alexander Matina as the new Chief Executive Officer (CEO) effective immediately. The Board of Directors made this decision with great consideration, especially following the company's emergence from Chapter 11 bankruptcy proceedings in March 2024. This shift indicates a strategic direction that aims to revitalize the company's operations and future objectives.

Mr. Matina is not a newcomer to the realm of corporate leadership. With an impressive background that includes his current role as Managing Member of LANECR Consulting LLC and previous positions, such as Portfolio Manager at MFP Investors LLC, Matina brings a wealth of experience to the table. Additionally, his tenure as a director for several public and private entities highlights his capability in navigating complex business landscapes.

A Note of Appreciation
The Chairman of the Board, Andrew L. Sole, expressed the Board's satisfaction in welcoming Matina to this pivotal role, indicating it was deemed the right moment for a leadership transition. The statement emphasized Nu Ride's remarkable progress since its Chapter 11 exit and conveyed firm confidence in Matina's ability to propel the company in innovative directions.

In light of this transition, Sole also acknowledged the contributions made by the outgoing CEO, William Gallagher. Gallagher played an instrumental role alongside M3 Partners, providing critical executive management and support services during a transformative period for the company. Sole conveyed gratitude for Gallagher's leadership and contributions, wishing him well in his future endeavors.

Looking Forward
As Nu Ride steps into this new chapter, there is a clear anticipation regarding how Matina will guide the company. With his extensive background in leadership and strategic transactions, the organization looks forward to pursuing new opportunities and navigating the challenges of the ever-evolving automotive landscape. Stakeholders and observers alike are eager to see how Matina’s vision will unfold and influence the company’s direction.

For additional information about the organization and to keep abreast of updates, stakeholders can visit the official Nu Ride website or view filings available through the U.S. Securities and Exchange Commission.

Concluding Thoughts
Change can often bring both challenges and opportunities. As Nu Ride navigates its future under new leadership, the industry will be watching closely. The commitment shown by the Board of Directors to ensure that the transition occurs smoothly reflects a desire not just for recovery but for long-term growth and sustainability in the competitive landscape of the automotive sector.