- Mark Russell to retire as
Chief Executive Officer of Nikola Corporation, effective
January 1, 2023
- Michael Lohscheller, current Nikola Motor President,
named successor; will assume President title, effective
immediately
PHOENIX, Aug. 10,
2022 /PRNewswire/ -- Nikola Corporation (Nasdaq:
NKLA), a global leader in zero-emissions transportation and energy
infrastructure solutions, today announced that Chief Executive
Officer (CEO) and President of Nikola Corporation Mark Russell will retire, effective January 1, 2023, and has named current Nikola
Motor President Michael Lohscheller
as his successor. Lohscheller will assume Russell's President title
and join the Nikola Board of Directors effective immediately and
become CEO upon Russell's retirement. Russell will remain a member
of the Board.
Lohscheller joined as President of Nikola Motor in February 2022, and has already made several
notable achievements, including having a major impact in moving the
Tre battery-electric vehicle (BEV) into series production and
achieving development milestones for the Tre fuel cell electric
vehicle (FCEV). Prior to Nikola, he was CEO of Opel, where he led
the company to sustainable profitability and oversaw its
transformation into a leading electrified car brand.
"Michael Lohscheller's selection represents the completion of a
thoughtful succession planning process by the Board of Directors.
With more than 20 years in the automotive industry, Michael has
deep experience as a seasoned executive and as a highly
knowledgeable business operator," said Steve Girsky, Nikola's Chairman of the Board.
"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 Motor. We believe that same standard of
excellence and operational and commercial expertise will benefit
the company's vehicle and energy infrastructure vision."
Girsky added, "Mark's many contributions to Nikola have been
drivers of the Company's progress since 2019. Under Mark's
leadership, we have started series production on our BEVs, advanced
FCEV pilot testing with select customers, expanded our strategic
partner network, continued to build out our world-class
Coolidge, Arizona manufacturing
facility and progressed our hydrogen infrastructure capabilities.
On behalf of our Board and management team, we want to thank Mark
for navigating Nikola through a critical chapter and playing a key
role in positioning us for our next phase of growth."
"Being part of Nikola has been the highlight of my career,"
Russell said. "I could not be prouder of this team and everything
we have accomplished and the milestones we have achieved so far. I
am confident that under Michael's leadership we will continue to
show how to decarbonize heavy commercial transportation, and help
the world create the energy ecosystem of the future."
"I am honored and excited to succeed Mark as Nikola's next CEO
as we advance our journey as a pioneer in zero-emission
transportation and infrastructure solutions," said Lohscheller. "We
have a robust business model, a talented global team, leading
electric vehicle technology and energy solutions. We are
well-positioned to capitalize on the growth opportunities ahead of
us and accelerate our strategic initiatives."
About Michael
Lohscheller
A 20-year global automotive industry veteran, Lohscheller has
held a variety of high-ranking positions: Executive Vice President
and Chief Financial Officer at Mitsubishi Motors Europe, Executive
Vice President and Chief Financial Officer at Volkswagen Group of
America, Chief Executive Officer at Opel Automobile GmbH and member
of the Board at PSA Group and Global CEO of VinFast.
He has been recognized with several prestigious awards including
Eurostar 2019 (Automotive News), Manbest 2019 (Autobest) and
Manager of the Year 2019 (AutoZeitung).
Lohscheller graduated from Osnabrück University of Applied Sciences (Germany) and the University of Barcelona (Spain) in 1992. Lohscheller completed a
Master's Program in European Marketing Management and obtained his
M.A. at Brunel University London in 1996.
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. 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
anticipated benefits of Mr. Lohscheller's appointment as President
of Nikola. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of Nikola's management. We cannot assure you that
forward looking statements will be achieved and forward-looking
statements are not predictions of actual performance.
Forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements, including but not limited to, the
failure to realize the anticipated benefits of the agreement;
design and manufacturing changes, challenges and delays; economic,
financial, legal, supply chain, regulatory, political and business
conditions and changes in domestic and foreign markets; the
potential challenges arising from COVID-19; the outcome of legal,
regulatory and judicial proceedings to which Nikola is, or may
become a party; demand for and customer acceptance of Nikola's
trucks; risks associated with development and testing of fuel cell
power modules and hydrogen storage systems; risks related to the
rollout of Nikola's business and the timing of expected business
milestones, including delivery of trucks for sale; the effects of
competition on Nikola's future business; the availability of
capital; risks associated with changes in accounting treatment or
accounting standards; and the other risks detailed from time to
time 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, 2022 and other
documents Nikola 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.
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SOURCE Nikola Corporation