Mullen (MULN) Stock Treks Higher on Vice President Hire
Mullen Automotive (NASDAQ:MULN) stock opened in the green after briefly meeting its 52-week low of 18 cents yesterday. The electric vehicle (EV) company announced this morning it had hired Ford (NYSE:F) veteran Donald Borthwick as its Vice President of Commercial Sales.
Borthwick boasts more than 25 years of commercial sales experience with Ford and helped kickstart its EV program. He was also responsible for $3.25 billion in annual sales to Fortune 2000 companies in the western U.S., accounting for 100,000 annual deliveries. Additionally, Borthwick was involved with a primary vehicle supplier relationship during his time at Ford that eventually grew to become the company’s second largest commercial customer.
CEO David Michery added, “Don is a highly skilled and respected sales leader and will play a key role in establishing Mullen as a leader in the commercial EV category.”
Borthwick will work at the Mullen Tech Center in Troy, Michigan. The company has now hired three veterans from legacy automakers in the past few months. Let’s get into the details.
MULN Stock: Mullen Taps Ford Veteran as VP of Commercial Sales
In October, Mullen announced that it had hired former General Motors (NYSE:GM) executive John Schwegman as its Chief Commercial Officer (CCO). With more than 35 years of experience at GM, including leading global teams across four continents, Schwegman will focus on the sales and growth of Class 1 through Class 6 light- and medium-duty trucks. The company added Class 3 through Class 6 commercial vehicles to its portfolio after acquiring a majority stake in Bollinger Motors.
In November, former GM product manager Paul Loewer announced through social media that he had been hired as Mullen’s director of product marketing and planning. A 30-year GM veteran, Loewer was closely involved with the Chevrolet Silverado and low cab forward (LCF) medium duty trucks. In addition, he also has experience with commercial sales and crossover vehicles.
The three hires are an undeniable gain to the startup EV company. The automotive industry has seen several legacy veterans transition to EV companies in the past few years.
Meanwhile, Mullen shareholders are focused on Dec. 20 as a key date. On that day, Mullen could deliver the first units of the I-GO to Newgate Motor.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.
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