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Nikola CEO Mark Russell to retire on the finish of the 12 months

Mark Russell, chief government officer of Nikola Corp., left, throughout a media briefing on the unveiling of the Iveco-Nikola electrical truck plant in Ulm, Germany, on Wednesday, Sept. 15, 2021.

Andreas Grebert | Bloomberg | Getty Pictures

Nikola CEO Mark Russell will retire on the finish of the 12 months, the corporate announced Wednesday.

Russell can be changed by Michael Lohscheller, previously the CEO of German automaker Opel, who joined Nikola in February.

Shares of Nikola have been up about 4% in premarket buying and selling instantly following the information.

Lohscheller, who at the moment leads Nikola’s truck-making operation, will develop into the corporate’s president and be a part of its board of administrators instantly.

Chairman Steven Girsky mentioned in a press release Lohscheller has had a big affect on Nikola in his six months on the firm, lauding his “sense of urgency” and “accelerated decision-making.”

“Michael Lohscheller’s choice represents the completion of a considerate succession planning course of by the board of administrators,” Girsky mentioned. “With greater than 20 years within the automotive business, Michael has deep expertise as a seasoned government and as a extremely educated enterprise operator.”

Michael Lohscheller, CEO of Nikola.

Courtesy: Nikola

Lohscheller’s profession has included quite a few high-ranking positions in each finance and manufacturing. Amongst his previous roles: president and chief monetary officer of Mitsubishi’s Europe division; CFO of Volkswagen of America; and CEO of Opel and a member of Opel father or mother PSA’s board of administrators.

Russell will retire with some vital achievements to his credit score. He took cost of the corporate instantly after founder Trevor Milton’s ouster in September 2020, streamlined its product plan, efficiently led it to the start of production of the battery-electric Tre semi truck, and received shareholder approval to issue new stock over Milton’s objection.

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