September 30, 2022

Nicholas CEO Mark Russell will retire at the end of the year

Nicholas CEO Mark Russell will retire at the end of the year

Mark Russell, CEO of Nikola Corp., left, during a media briefing during the unveiling of the Iveco-Nikola electric truck plant in Ulm, Germany, Wednesday, September 15, 2021.

Andreas Graebert | Bloomberg | Getty Images

Nicola CEO Mark Russell will retire at the end of the year, the company announced Wednesday.

Russell will be replaced by Michael Loechler, the former CEO of German carmaker Opel, who joined Nikola in February.

Nikola shares rose about 4% in pre-market trading immediately after the news.

Lohscheller, who currently leads the truck manufacturing operation at Nikola, will become president of the company and join its board of directors immediately.

Chairman Stephen Jersky said in a statement that Loeschler had made a significant impact on Nicolas during his six months at the company, praising his “sense of urgency” and “accelerated decision-making.”

“The selection of Michael Loechler represents a continuation of the Board’s deliberate succession planning process,” said Jersky. “With more than 20 years in the automotive industry, Michael has deep experience as a seasoned CEO and knowledgeable business operator.”

Michael Loechler, CEO of Nikola Corporation.

Courtesy: Nicola

Lohscheller’s career has included a number of high-ranking positions in both finance and manufacturing. Among his previous positions: President and CFO of the Europe division of Mitsubishi. Chief Financial Officer of Volkswagen of America; and CEO of Opel and a member of the board of directors of the parent company Opel PSA.

Russell will retire with some significant accomplishments to his credit. Immediately after that, he took charge of the company Overthrow of founder Trevor Melton In September 2020, it simplified its product plan, and successfully led it to production start From the battery-powered electric semi-truck, it won Shareholder’s approval to issue new shares on Milton’s objection.

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