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

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

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Mark Russell, president of Nikola Corp., left, throughout a media rundown at the unveiling of the Iveco-Nikola electrical truck plant in Ulm, Germany, on Wednesday,Sept 15, 2021.

Andreas Grebert|Bloomberg|Getty Images

Nikola CEO Mark Russell will retire at the end of the year, the business revealed Wednesday.

Russell will be prospered by Michael Lohscheller, previously CEO of German car manufacturer Opel, who signed up with Nikola in February.

Lohscheller, who presently leads Nikola’s truck-making operation, will end up being the business’s president and join its board of directors right away.

Chairman Steven Girsky stated in a declaration that Lohscheller has actually had a substantial effect on Nikola in his 6 months at the business, admiring 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 stated. “With more than 20 years in the automotive industry, Michael has deep experience as a seasoned executive and as a highly knowledgeable business operator.”

Michael Lohscheller, CEO of Nikola.

Courtesy: Nikola

Lohscheller’s profession has actually consisted of a variety of high-ranking positions in both financing and production. Among his previous functions: president and primary monetary officer of Mitsubishi’s Europe department; CFO of Volkswagen of America; and CEO of Opel and a member of Opel moms and dad PSA’s board of directors.

Russell will retire with some crucial accomplishments to his credit. He organized the business right away after creator Trevor Milton’s ouster in September 2020, structured its item strategy, effectively led it to the start of production of the battery-electric Tre semi-truck, and won investor approval to provide brand-new stock over Milton’s objection.

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