Nikola CEO steps down, replaced by chairman


Share post:

EV truck maker Nikola Corp said Friday that president CEO Michael Lohscheller is leaving the top executive positions due to a family health issue. He will be replaced by board chairman Steve Girsky, a former GM board member and the CEO of the special purpose acquisition company that merged with Nikola to make it a publicly company.

Lohscheller has decided to step down due to a family health matter and will be returning to Europe, the company said in a statement. He will remain at Nikola in an advisory capacity through the end of September, according to Nikola.

“The Board respects Michael’s decision to be with his family during this time and thanks him for his hard work, dedication, and contributions to Nikola,” Girsky said in a statement. “I am grateful for all that Michael was able to accomplish to move our company forward during his tenure.”

Lohscheller joined Nikola as president in March 2022. Just months later, the company announced he would take the CEO spot from Mark Russell was officially retired in January 2023. Prior to joining Nikola, Lohscheller was CEO of Opel and VinFast, as well as CFO at Volkswagen Group of America and Mitsubishi Motors Europe.

The CEO news coupled with the company’s second-quarter earnings report, which was released Friday, sent shares down more than 12%. Shares were trading at $2.98 as of midday Friday.

Nikola reported revenue of $15.4 million in the second quarter, a 15% drop from the same period last year. Nikola’s losses also grew from a year ago. The company reported a loss of $217.8 million compared to a loss of $173 million in same year-ago period. Still, Lohscheller tried to take a positive tone in earnings, saying the company had “turned the corner” and is well on the way to executing its business plan and achieving profitability.

Nikola has experienced a string of scandals and internal dramas over the past several years, largely due to its controversial and since ousted founder Trevor Milton, who was charged with wire and securities fraud.

In recent years, Girsky, the board and Lohscheller have tried to put Nikola back on the right and less scandalous path and one focused on producing its battery-electric truck and launching its Class 8 hydrogen fuel cell electric truck. On Thursday, the company successfully received enough shareholder support to issue more shares, and move that would allow it to potentially raise more capital.

Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Your website can now opt out of training Google’s Bard and future AIs

Large language models are trained on all kinds of data, most of which it seems was collected...

Apple asks the Supreme Court to reconsider a previous ruling in Epic’s favor

Apple has asked the Supreme Court to reconsider a previous ruling in its fight against Epic Games...

Medium hints at a nascent media coalition to block AI crawlers

Web publishing platform Medium has announced that it will block OpenAI’s GPTBot, an agent that scrapes web...

The generative AI boom could make the OS cool again

What products and services will benefit the most from recent developments in AI technology? We’re keeping close...

Artifact co-founder Mike Krieger says there’s a ‘flavor’ of Twitter in app’s latest release

The AI-powered news reading app Artifact, built by Instagram’s co-founders, has been transforming itself into a more...

Fortnite maker Epic Games is laying off 16% of its workforce

Epic Games is laying off 16% percent of its employees, impacting about 900 people, the company has...

Bumble CEO Whitney Wolfe Herd shares how AI will ‘supercharge’ love and relathionships

Bumble, Inc. CEO Whitney Wolfe Herd believes the power of AI technology will lead to a better...

Publisher-focused Twitter alternative Post comes to Android, adds newsletter support

Post, a publisher-focused Twitter/X alternative backed by a16z, is bringing its social news-sharing app to Android today...