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 his role when January 2023 rolls around. Russell is also leaving behind his position as President and his role as a member of the company’s board.
Nikola is planning to replace Russell with Michael Lohscheller. This will see Lohscheller claim the CEO role, the President title and a seat on the board. Lohscheller first joined Nikola back in February 2022.
Prior to working at Nikola, Lohscheller led other electric vehicle (EV) companies, including Adam Opel AG — owned by Stellantis (NYSE:STLA) — for which he served as CEO. The executive also previously served as the leader of VinFast’s global business, Reuters notes.
Chairman Stephen Girsky 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 […] 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 now only slightly up as of Wednesday morning.
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On the date of publication, William White did not hold (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.