Nikola (NKLA) names Girsky new CEO as Lohscheller steps down

Shares of Nikola Corp. (NASDAQ: NKLA) were down as much as 11% in pre-market trading Friday morning after the American heavy-duty electric truck company revealed that CEO Michael Lohscheller will be stepping down from the position effectively immediately due to a family heath matter.

Lohscheller will be replaced by Chairman Steve Girsky who has more than 30 years of experience working with corporate board executives, labor leaders, OEM leaders, suppliers, dealers, and national policymakers.

"Since Nikola's inception, I have been a champion of its mission. I am energized to take on this role and build upon the work of Michael and the team," stated Girsky

Taking charge as CEO on November 2, 2022, Lohscheller steered the company with remarkable success, achieving a significant boost in retail sales, which doubled between Q1 and Q2 of 2023. He played a crucial role in facilitating the launch of the Class 8 hydrogen fuel cell electric truck and driving advancements in production capabilities at the Coolidge, Arizona facility. By refocusing the business, Lohscheller effectively reduced cash burn by over 30% from Q1 to Q2 2023. Additionally, he was instrumental in the creation of a new global hydrogen energy brand, HYLA.

"I feel privileged and honored to have served as Nikola's CEO and to have worked with so many inspiring colleagues who are relentlessly focused on advancing Nikola's position as a leader in zero-emissions transportation. I am incredibly confident in Nikola's future," said Lohscheller.

Lohscheller will remain with the company in an advisory capacity through the end of September to support a seamless transition. Following the transition, Lohscheller plans to return to Europe.

Shares of NKLA are down 8.69% in pre-market trading on Friday.

By Michael Elkins | [email protected]

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