LORDSTOWN, Ohio - Investors reacted positively to news that Lordstown Motors Corporation selected a veteran automotive executive to fill the spot once held by Steve Burns who resigned earlier this amid controversy.

LMC, which says it plans to begin limited production of the all-electric Endurance pickup truck next month, announced on Thursday the appointment of Daniel A. Ninivaggi as Chief Executive Officer and member of the Board of Directors.

Share’s of LMC’s RIDE stock, which closed at $5.51 on Wednesday, jumped to $7.79 per share in early trading on Thursday, closing the day at $6.49.

Just one week ago, RIDE value dipped to an all-time low of $4.47.

Currently the Chairman of the Board of Directors of Garrett Motion Inc. a supplier of turbochargers and other propulsion products, Ninivaggi is the former CEO of Icahn Enterprises L.P., a holding company controlled by Carl C. Icahn.

He has also served in a variety of senior leadership positions in the automotive and transportation industries, according to a statement from Lordstown Motors.

Formerly Executive Vice president at Lear Corporation, Ninivaggi also held the positions of Co-Chairman and Co-CEO of Federal-Mogul Holdings Corporation.