PHOENIX, Sept. 20, 2020 /PRNewswire/ -- Nikola Corporation
(NASDAQ: NKLA) today announced that Trevor
Milton approached the Board of Directors and proposed to
voluntarily step aside as Executive Chairman and from the Board.
The Board accepted his proposal, and Stephen Girsky, former Vice Chairman of General
Motors Co. and a member of Nikola's Board, has been appointed
Chairman of the Board, effective immediately.
"Nikola is truly in my blood and always will be, and the focus
should be on the Company and its world-changing mission, not me,"
said Milton. "So I made the difficult decision to approach the
Board and volunteer to step aside as Executive Chairman. Founding
Nikola and growing it into a company that will change
transportation for the better and help protect our world's climate
has been an incredible honor."
"As we move forward, I am confident Steve is the right leader to
guide our vision at the Board level. In addition to being an early
believer and supporter of Nikola, Steve has more than 30 years of
experience working with OEM leaders, suppliers, dealers, labor
leaders and national policy makers, and has served as a director of
numerous public companies."
Milton continued, "We've built a deep bench of talent over the
years, and I am confident that Nikola's Chief Executive Officer,
Mark Russell, supported by Chief
Financial Officer, Kim Brady, and
the rest of the leadership team will advance our goal of making
Nikola the global leader in zero-emissions transportation. I
want to thank all of Nikola's employees, investors and partners who
have shared in my vision and rallied behind Nikola during this
time."
Girsky said, "On behalf of the Board, I want to thank Trevor for
his visionary leadership and significant contributions to Nikola
since its founding. Trevor saw the possibility of creating an
end-to-end zero-emission transportation system when the industry
was still in its nascent stages and took action to build the Nikola
of today, with world-class partnerships, groundbreaking R&D,
and a revolutionary business model. I know I speak for everyone at
Nikola in our gratitude and in wishing him all the best."
"We remain committed to delivering on our objectives and
creating value for our shareholders," said Mark Russell, Nikola's Chief Executive Officer.
"Along with the rest of the management team, I will continue to
work closely with Steve and the Board to advance Nikola's vision
for the future. Our priorities remain unchanged and, in
collaboration with our partners, we are laser-focused on executing
on our strategic initiatives and laying the groundwork to become a
vertically integrated zero-emissions transportation solutions
provider."
About Stephen
Girsky
Girsky is a Managing Partner of VectoIQ, LLC,
an independent advisory firm based in New
York. Girsky has more than 30 years of experience working
with corporate board executives, labor leaders, OEM leaders,
suppliers, dealers and national policy makers. Girsky served in a
number of capacities at General Motors Co. (''General Motors'')
from November 2009 until July 2014, including vice chairman, having
responsibility for global corporate strategy, new business
development, global product planning and program management, global
connected consumer/OnStar, and GM Ventures LLC, global research
& development and global purchasing and supply chain. Girsky
also served on General Motors' board of directors following its
emergence from bankruptcy in June
2009 until June 2016. Girsky
currently serves on the boards of directors of United States Steel
Corporation (NYSE: X), a steel producer, and Brookfield Business
Partners Limited, the general partner of Brookfield Business
Partners, L.P. (NYSE: BBU; TSX BBU.UN), a private equity
company.
ABOUT NIKOLA CORPORATION:
Nikola Corporation is
globally transforming the transportation industry. As a designer
and manufacturer of zero-emission battery-electric and
hydrogen-electric vehicles, electric vehicle drivetrains, vehicle
components, energy storage systems, and hydrogen station
infrastructure, Nikola is driven to revolutionize the economic and
environmental impact of commerce as we know it today. Founded in
2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit
www.nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS
Certain statements included
in this press release that are not historical facts are forward
looking statements for purposes of the safe harbor provisions under
the Private Securities Litigation Reform Act of 1995. Forward
looking statements generally are accompanied by words such as
"believe," "may," "will," "estimate," "continue," "anticipate,"
"intend," "expect," "should," "would," "plan," "predict,"
"potential," "seem," "seek," "future," "outlook," and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These forward
looking statements include, but are not limited to, statements
regarding the company's expectations regarding its business,
business model and strategy; the company's expectations regarding
its projected truck builds and related specifications; the
company's expectations for its trucks and market acceptance of
electric trucks; and market opportunity. These statements are based
on various assumptions, whether or not identified in this press
release, and on the current expectations of Nikola's management and
are not predictions of actual performance. Forward looking
statements are subject to a number of risks and uncertainties that
could cause actual results to differ materially from the forward
looking statements, including but not limited to general economic,
financial, legal, regulatory, political and business conditions and
changes in domestic and foreign markets; the potential effects of
COVID-19; the outcome of legal proceedings to which Nikola is, or
may become a party; failure to realize the anticipated benefits of
the recently completed business combination; the conversion of
pre-orders into binding orders; risks related to the rollout of
Nikola's business and the timing of expected business milestones;
the effects of competition on Nikola's future business; the
availability of capital; and the other risks detailed from time to
time under the heading "Risk Factors" in in Nikola's reports filed
with the Securities and Exchange Commission, including its
quarterly report on Form 10-Q for the quarter ended June 30, 2020 and other documents Nikola's files
with the SEC. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward looking statements. These forward
looking statements speak only as of the date hereof and Nikola
specifically disclaims any obligation to update these forward
looking statements.
SELL-SIDE ANALYST / INSTITUTIONAL INVESTOR
INQUIRIES:
Kim Brady
kim.brady@nikolamotor.com
MEDIA CONTACTS:
Nicole
Rose
nicole.rose@nikolamotor.com
480-660-6893
Colleen Robar
crobar@robarpr.com
313-207-5960
Tim Lynch / Tim Ragones
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Nikola Corporation