According to Nikola, Lohscheller is stepping down as CEO of the company effective immediately. However, he will continue to serve the company in an advisory role through September. Taking over the CEO position from Lohscheller is Chairman of the Board Steve Girsky.
Investors will note that Nikola has been going through CEOs at a rapid rate. With Girsky taking over, that marks the fourth CEO the company has named in as many years. This comes after Lohscheller led the company for less than a year.
Switching through CEOs at such a speedy rate isn’t good news for the electric vehicle (EV) company. It can be seen as a sign of weakness by investors. Granted, in Lohscheller’s case, his departure is due to a family health matter.
How This Affects NKLA Stock
Shares of NKLA stock are falling on Friday and the CEO news is likely behind some of that movement. Another bit of news to consider is the latest earnings report released by Nikola today.
That earnings release has Nikola reporting losses per share of 20 cents alongside revenue of $15.36 million. Those are mixed results compared to Wall Street’s losses per share estimate of 22 cents and revenue estimate of $15.4 million.
NKLA stock is down 11% as of Friday morning but is up 52.9% year-to-date as of yesterday’s close.
Investors can find even more of the latest stock market news worth reading about below!
We’ve got all of the biggest stock market stories that traders need to know about on Friday! A few examples include why shares of Palantir (NYSE:PLTR), DigitalOcean (NYSE:DOCN), and Assertio (NASDAQ:ASRT) stock are in the news today. All of that info is ready to go at the following links!
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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.