CEO James Taylor and Chairman Jason Luo are out at Electric Last Mile Solutions Inc., a startup last-mile van maker, following a board probe into their deeply discounted stock purchases before the company went public via SPAC in December 2020.
Both Luo and Taylor are veteran auto executives. Taylor had a long career at General Motors (NYSE: GM) before running Workhorse Group (NASDAQ: WKHS). Luo is the former president of Ford China.
ELMS is assembling Class 1 delivery vans at a former GM plant...