Nikola CEO Mark Russell to retire at the end of the year

Nikola Motor Company

Source: Nikola Motor Company

Nikola CEO Mark Russell will retire at the end of the year, the company announced Wednesday.

Russell will be replaced by Michael Lohscheller, formerly the CEO of German automaker Opel, who joined Nikola in February.

Shares of Nikola were up about 3% in premarket trading immediately following the news.

Lohscheller, who currently leads Nikola’s truck-making operation, will become its president and join its board of directors immediately.

Chairman Steven Girsky said that Lohscheller has had a significant impact on Nikola in his six months at the company, lauding his “sense of urgency” and “accelerated decision-making”.

“Michael Lohscheller’s selection represents the completion of a thoughtful succession planning process by the board of directors,” Girsky said in a statement. “With more than 20 years in the automotive industry, Michael has deep experience as a seasoned executive and as a highly knowledgeable business operator.”

This is breaking news. Please check back for updates.

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