Nikola Corp., a developer of electric and hydrogen-powered heavy trucks, has selected board Chairman Stephen Girsky as its new CEO. Michael Lohscheller, a former General Motors executive and auto industry expert, will stand down as CEO and as a board member on August 31.
According to a statement issued by the Phoenix-based company on Friday, Lohscheller made the choice due to a family health issue and will return to Europe. He will remain on as an advisor until September. Girsky will continue on the board, but director Steve Shindler will take over as chairman.
Girsky will oversee a startup that is battling to break even. The corporation posted a net loss of $217.8 million in the second quarter, a 26% increase over the same period last year. However, according to a company statement, sales and production are increasing, and the company is well on its way to executing its business plan and becoming profitable. Nikola stated that it has nearly doubled its unconstrained cash and cut spending.
