Nikola Motor Company
Source: Nikola Motor Company
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…