Nu Ride Announces Leadership Transition

Rhea-AI Summary

Nu Ride (OTCMKTS: NRDE) has announced the appointment of Alexander Matina as its new Chief Executive Officer, effective immediately. Matina, a current board member and Managing Member of LANECR Consulting LLC, succeeds William Gallagher, who served as CEO since the company's emergence from Chapter 11 proceedings in March 2024.

The leadership transition comes as Nu Ride, formerly known as Lordstown Motors Corp., seeks to move in new directions following its post-bankruptcy reorganization. Matina brings significant experience in leadership, public company management, and strategic transactions, including his previous role as Portfolio Manager at MFP Investors LLC and directorships at various public and private companies.

Positive

• New CEO brings extensive leadership and public company experience
• Company has made significant progress since emerging from Chapter 11 in March 2024
• Strategic appointment signals company's intent to explore new business directions

Negative

• Recent emergence from Chapter 11 bankruptcy indicates previous financial difficulties
• Trading on OTCMKTS rather than major exchange suggests reduced market presence

Board Member Alexander Matina Appointed as CEO

NEW YORK, Sept. 26, 2025 /PRNewswire/ -- Nu Ride Inc. ("Nu Ride" or the "Company") (OTCMKTS: NRDE), formerly known as Lordstown Motors Corp., announced that its Board of Directors has appointed Board member Alexander Matina as Chief Executive Officer (CEO), effective immediately. Mr. Matina succeeds William Gallagher, who served as CEO since the Company's emergence from Chapter 11 proceedings in March 2024, in accordance with the engagement letter between the Company and M3 Partners, LP ("M3 Partners") pursuant to which M3 Partners agreed to provide the Company with executive management and support services, including through Mr. Gallagher. 

Mr. Matina brings extensive leadership and public company experience, as well as decades of experience with strategic transactions. He is currently the Managing Member of LANECR Consulting LLC and previously served in various leadership roles, including Portfolio Manager at MFP Investors LLC.  He also has served as a Director of several public and private companies.

Andrew L. Sole, Chairman of the Board, remarked, "The Board is very pleased to welcome Alex to the CEO role.  After careful consideration, the Board has determined now is the right time for a leadership transition.  Nu Ride has made tremendous progress since emerging from Chapter 11 in March 2024, and the Board has confidence that Alex will help lead the Company as it looks to move forward in new directions."

"On behalf of the full Board and all our stakeholders, I also want to thank Bill for his leadership and the role he and M3 Partners have played in guiding the Company following its emergence from bankruptcy. We are grateful to Bill for his many contributions to the Company and wish him all the best in his future endeavors and look forward to continuing to work with M3."

Additional information about the Company is available on the Company's website (www.nurideinc.com) and in the Company's filings with the U.S. Securities and Exchange Commission, available at www.sec.gov/edgar.

Please send inquiries to inquiries@nurideinc.com.

View original content:https://www.prnewswire.com/news-releases/nu-ride-announces-leadership-transition-302568405.html

SOURCE Nu Ride Inc.

FAQ

Who is the new CEO of Nu Ride (NRDE)?

Alexander Matina has been appointed as the new CEO of Nu Ride. He was previously a board member and is the Managing Member of LANECR Consulting LLC.

When did Nu Ride emerge from Chapter 11 bankruptcy?

Nu Ride emerged from Chapter 11 bankruptcy proceedings in March 2024.

What is Nu Ride's previous company name?

Nu Ride was formerly known as Lordstown Motors Corp.

Who did Alexander Matina replace as CEO of Nu Ride?

Alexander Matina replaced William Gallagher, who served as CEO since the company's emergence from Chapter 11 proceedings in March 2024.

What is Alexander Matina's background before joining Nu Ride?

Matina served as Portfolio Manager at MFP Investors LLC and has held director positions at several public and private companies. He is currently the Managing Member of LANECR Consulting LLC.