NKLA - NKLA Stock Pops as Nikola CEO Set to Retire
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Nikola (NASDAQ:NKLA) stock is gaining on Wednesday following news that the company’s CEO is preparing to retire at the end of the year.
Current Nikola CEO Mark Russell will retire from the role when Jan. 1, 2023 rolls around. He is also leaving behind his position as president, as well as his role as a member of the Board of Directors.
Nikola is planning to replace Russell with Michael Lohscheller. This will see him claim the CEO role. He’s also immediately claiming the president title, while also taking a seat on the company’s Board. Lohscheller joined the company in February.
Prior to working at Nikola, Lohscheller led other electric vehicle (EV) companies. Among them was Adam Opel AG, in which he served as CEO. He also previously served as the leader of VinFast’s global business, Reuters notes.
Steve Girsky, Chairman of the Board at Nikola, said the following about the incoming CEO.
“In his six months since joining our company, Michael has continued to bring an increased sense of urgency, high level of accountability, improved lines of communication and accelerated decision-making to Nikola Motor. We believe that same standard of excellence and operational and commercial expertise will benefit the company’s vehicle and energy infrastructure vision.”
NKLA stock initially saw a decent pop this early morning on the CEO change news. However, shares are only up slightly as of Wednesday morning.
Investors looking for more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not have (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.
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