Workhorse Group, a technology company that provides drone-integrated electric vehicles to the last mile delivery sector, appointed Richard F. Dauch to the role of CEO and to the company’s board of directors.
Dauch succeeded Duane Hughes, who began serving as CEO in February 2019 and 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 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, a supplier of wheel end systems to the global commercial vehicle industry. Prior to that, Dauch was president and CEO of Acument Global Technologies, a 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.
“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,” Ray Chess, non-executive chairman of Workhorse Group’s board of directors, said. “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.”
“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,” Dauch said. “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 startup to a leading manufacturer of last mile delivery solutions.”
Workhorse Group is withdrawing its previously stated guidance during this leadership transition, ensuring a sufficient review and diligence period for Dauch to establish a plan to address continuing challenges and opportunities.
Steve O’Leary and Tim Conway, now CEO/president and chairman of Clarus Capital, respectively, began their business partnership at NewStar Financial, where Conway was founder and CEO and O’Leary was the architect of the company’s equipment finance business. O’Leary enjoyed his... read more
The current environment for funding sources is marred by many of the same challenges facing the greater equipment finance industry, with supply chain constraints, geopolitical tension and soon to be increasing interest rates among the many factors playing into the... read more