Just as Nikola Corp. took a step toward stabilizing its finances, it announced a big loss and a sudden switch in CEOs.
One day after winning approval to issue new shares to raise capital, the Phoenix, Ariz.-based zero-emission truck company said Friday that Michael Lohscheller stepped down as president, CEO and as a board member to return to Europe and attend to a family health problem. Nikola named its board chairman, Steve Girsky, his replacement.
Girsky becomes Nikola’s fourth CEO, continuing a churn that has seen leadership change almost annually since the company’s founder Trevor Milton resigned and was convicted of defrauding investors.
Lohscheller is an industry veteran who previously headed the Opel brand and was the CFO of Volkswagen’s U.S. division. Girsky was previously vice chairman of General Motors.