Lordstown Motors Corp announced Adam Kroll as its new chief Financial Officer, months after the company's former CEO and finance chief resigned after an internal inquiry into charges made by a short seller.

Kroll, who formerly worked at JP Morgan as an investment banker with a focus on the automotive business, will start his new job on October 25. He succeeds interim CFO Rebecca Roof, who will serve in a transitional capacity until December 31.

News – Lordstown Motors

Short-seller Hindenburg has targeted Lordstown and rival EV company Nikola, both of which went public via acquisitions by special-purpose acquisition corporations (SPAC). Both had its founders resign as a result of their actions.

Lordstown's founder and CEO, Steve Burns, and CFO, Julio Rodriguez, both resigned in June. The resignations came after the company's board of directors released the findings of an internal probe into allegations made by short-seller Hindenburg.

Federal prosecutors in Manhattan and the United States Securities and Exchange Commission are still investigating Lordstown's merger with a SPAC and past assertions about pre-orders for its vehicles.

In August, Lordstown filled the first of two vacant C-suite positions by appointing Daniel Ninivaggi as CEO, handing over the reins to the former employee of investor Carl Icahn, who had stated that his primary focus would be on ensuring Lordstown's pickup trucks are successfully launched in the face of intense regulatory scrutiny.

Kroll, 46, was most recently the chief administrative officer of Hyzon Motors, a company that has been targeted by short-seller Blue Orca in recent weeks. The corporation, on the other hand, has disputed the short-claim seller's as false and misleading.

On Wednesday, shares of the firm, which is ramping up its attempts to launch its first pickup truck, were up 1.37%. This year, they've dropped by around 75%.