Workhorse CFO Robert Ginnan Departs; Jody Davis Steps In Amid Going-Concern Crisis
WKHS is trading near its 52-week low of $2.31 (14% above the low) on light trading volume (0.3× avg).
Summary
Workhorse Group replaced CFO Robert Ginnan with Jody Davis effective immediately, while also appointing Lindsay Barnes as Chief Accounting Officer. The leadership change comes as the company faces a going-concern warning and critically low cash reserves.
Key Events · Executive and Board Changes · WKHS
-
CFO Departure
Robert M. Ginnan stepped down as CFO on July 13, 2026, and will terminate employment on July 17, 2026. His departure was pre-arranged as part of the Motiv Power Systems merger agreement.
-
New CFO Appointment
Jody Davis appointed CFO with a $375,000 base salary, 50% target bonus, and an inducement grant of 93,750 restricted stock units vesting over three years.
-
Chief Accounting Officer Named
Lindsay A. Barnes, previously VP Corporate Controller, was appointed Chief Accounting Officer, separating the principal accounting officer role from the CFO.
-
Financial Context
The leadership change occurs with Workhorse under a going-concern warning and only $600,000 in cash as of May 14, 2026, making the CFO role pivotal for securing new financing.
Analysis · WKHS · Manufacturing
At a critical juncture—operating under a going-concern warning with just $600,000 in cash as of mid-May—Workhorse Group has replaced its CFO. Outgoing CFO Robert Ginnan had agreed to depart upon the closing of the Motiv Power Systems merger; his exit now, alongside the appointment of Jody Davis, signals a leadership reset as the company fights for survival. Davis brings experience from EV and energy storage startups, but inherits a balance sheet that requires immediate capital. The filing also names Lindsay Barnes as Chief Accounting Officer, splitting the principal financial and accounting roles—a governance upgrade that adds a layer of oversight at a precarious time.
At the time of this filing, WKHS was trading at $2.64 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $28.8M. The 52-week trading range was $2.31 to $67.32. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.