CINCINNATI – Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse” or “the Company”), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last mile delivery sector, announced today the appointment of Richard F. (“Rick”) Dauch as Chief Executive Officer (“CEO”), effective August 2nd, 2021. He will also join the Company’s Board of Directors.
Dauch succeeds Duane Hughes who has served as CEO from February 2019 to August 1, 2021, and who previously served as Chief Operating Officer from August 2016 to January 2019. Hughes will continue to serve as a consultant through the transition period.
Dauch previously served as the CEO of Delphi Technologies where he successfully completed the spin-off from Aptiv and then executed a merger with BorgWarner in October 2020. From February 2011 to January 2019, he served as the President and CEO of Accuride Corporation, a leading supplier of wheel end systems to the global commercial vehicle industry. Prior to that, Dauch was President and CEO of Acument Global Technologies, the preeminent global fastening solutions provider to the aerospace, automotive, heavy-duty truck, industrial, and non-automotive transportation markets. He joined Acument following a 13-year career with American Axle and Manufacturing, where he last served as Executive Vice President of Worldwide Manufacturing for the global automotive supplier of driveline and chassis systems.
Dauch began his career with United Technologies. He previously served as an Officer in the U.S. Army for seven years after earning a bachelor’s degree from the United States Military Academy at West Point, where he was a four-year football letterman. He holds Master’s degrees in management and engineering from the Massachusetts Institute of Technology, where he was a fellow in the Leaders for Manufacturing program.
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“We are pleased to announce Rick Dauch’s appointment as CEO. He is a strong executive with more than 25 years of industry experience, including 12 years serving in CEO roles with private and publicly traded companies,” said Ray Chess, Non-Executive Chairman of the Company’s Board of Directors. “Rick’s proven team leadership capabilities, industry expertise, customer focus and successful operational track record make him ideally suited to lead Workhorse into its next phase of operational ramp-up and growth during this dynamic industry shift to electric last-mile delivery services. The board would also like to thank Duane Hughes for his leadership and dedication as CEO over the last two years. Duane stepped into the role at a difficult time, focused our innovation portfolio, and laid the groundwork for Workhorse to take this important step.”
Dauch added: “This is an exciting time to be a part of and lead the Workhorse team as we continue to ramp up operations, integrate our supply base and refine last-mile delivery solutions to meet the needs of our expanding customer base. Our goal is to serve our clients with an industry-leading portfolio of last-mile delivery solutions including electric truck and drone delivery technologies. I look forward to working with our team in creating industry-leading value for our customers and shareholders as we execute our transition from an advanced technology start-up to a leading manufacturer of last-mile delivery solutions.”
The Board of Directors also announced today that the Company is withdrawing its previously stated guidance during this leadership transition, ensuring a sufficient review and diligence period for Mr. Dauch to establish a plan to address continuing challenges and opportunities.
As of this release, the last mile electric delivery vehicle space represents a $20 billion market revenue opportunity. Workhorse is primed to take a share of that market having already produced more than 350 last-mile electric delivery vehicles with seven million miles on the road which is more than all of its competitors combined.
