Nikola CEO Mark Russell to retire early

Nikola CEO Mark Russell will retire from his role at the beginning of next year.

Russell will be replaced by Nikola's current president, Michael Lohscheller, who will join the company's board immediately and become CEO on January 1, 2023. Russell will be a member of the electric vehicle manufacturer's board.

In June 2020, Russell was named CEO after joining the company as president in February 2019. Under Russell's leadership, Nikola started producing series on its battery electric vehicles. BEV expanded its strategic partner network, expanded its facility, and increased its hydrogen infrastructure capabilities, and increased its fuel cell electric vehicle FCEV pilot testing with select customers.

Russell said the highlight of his career was being part of Nikola. I could not be prouder of this team and everything we have accomplished so far. Under Michael's direction, I am confident that we will continue to show how to decarbonize heavy commercial transportation, and help the world create the energy ecosystem of the future. Lohscheller has helped move the company's Tre battery electric vehicle into series production and achieve development milestones for the Tre fuel cell electric vehicle since joining Nikola in February.

Steve Girsky, chairman of Nikola's board, praises Lohscheller's more than 20 years of automotive industry experience, as well as his increased sense of urgency and accelerated decision-making during his first six months at the company.

Prior to joining Nikola, Lohscheller served in several high-ranking positions including chief financial officer of Mitsubishi Motors Europe and Volkswagen Group of America, CEO of Opel Automobile GmbH and a board member of Opel parent PSA Group and global CEO of VinFast.

The company reported a smaller-than-expected adjusted loss of 25 cents per share after Nikola beat revenue expectations for the second quarter with $18.1 million on deliveries of 48 Tre BEVs and four Mobile Charging Trailers MCT.

Nikola's shares are down more than 30% year to date.