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

Mark Russell, main government officer of Nikola Corp., left, throughout a media briefing at the unveiling of the Iveco-Nikola electric powered truck plant in Ulm, Germany, on Wednesday, Sept. 15, 2021.

Andreas Grebert | Bloomberg | Getty Photos

Nikola CEO Mark Russell will retire at the close of the year, the organization announced Wednesday.

Russell will be succeeded by Michael Lohscheller, previously CEO of German automaker Opel, who joined Nikola in February.

Lohscheller, who presently leads Nikola’s truck-generating procedure, will develop into the firm’s president and be part of its board of administrators promptly.

Chairman Steven Girsky stated in a assertion that Lohscheller has experienced a major influence on Nikola in his 6 months at the business, lauding his “sense of urgency” and “accelerated decision-making.”

“Michael Lohscheller’s range signifies the completion of a considerate succession planning course of action by the board of directors,” Girsky claimed. “With additional than 20 decades in the automotive field, Michael has deep expertise as a seasoned government and as a hugely knowledgeable business enterprise operator.”

Michael Lohscheller, CEO of Nikola.

Courtesy: Nikola

Lohscheller’s vocation has included a selection of substantial-ranking positions in both equally finance and producing. Amid his past roles: president and main monetary officer of Mitsubishi’s Europe division CFO of Volkswagen of America and CEO of Opel and a member of Opel dad or mum PSA’s board of directors.

Russell will retire with some crucial achievements to his credit rating. He took cost of the business right away right after founder Trevor Milton’s ouster in September 2020, streamlined its item prepare, effectively led it to the get started of output of the battery-electrical Tre semi-truck, and received shareholder acceptance to problem new inventory over Milton’s objection.