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Workhorse Gains As It Replaces CEO, Drops Guidance

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By Dhirendra Tripathi

Investing.com – Workhorse stock (NASDAQ:WKHS) 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:DLPH) 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:OSK) to make next generation of electric postal delivery vehicles.

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