Nikola Announces Leadership Transition; Appoints Stephen Girsky as Chief Executive Officer

Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced Michael Lohscheller will step down as President and Chief Executive Officer (CEO) of Nikola Corporation effectively immediately and as a member of the Board of Directors effective as of August 31, 2023. Steve Girsky, Chairman of the Board since September 2020, has been named CEO of Nikola. Lohscheller has decided to step down due to a family health matter and will be returning to Europe. He will remain at Nikola in an advisory capacity through the end of September to support a seamless transition.

Lohscheller has led Nikola to a more focused business plan to advance the company’s position as a leader in zero-emissions transportation. Key accomplishments include driving sales momentum of the battery-electric truck, doubling retail sales from Q1 to Q2 2023; supporting the launch of the Class 8 hydrogen fuel cell electric truck and generating customer demand; further advancing the organization’s production capabilities in Coolidge, Ariz.; substantially reducing the cash burn by more than 30% from Q1 to Q2 2023 through re-focusing the business; and concentrating on the core North American marketplace as well as creating a new global hydrogen energy brand, HYLA.

Girsky said, “The Board respects Michael’s decision to be with his family during this time and thanks him for his hard work, dedication, and contributions to Nikola. I am grateful for all that Michael was able to accomplish to move our company forward during his tenure.”

“I feel privileged and honored to have served as Nikola’s CEO and to have worked with so many inspiring colleagues who are relentlessly focused on advancing Nikola’s position as a leader in zero-emissions transportation. I am incredibly confident in Nikola’s future,” said Lohscheller.

With more than 30 years of experience working with corporate board executives, labor leaders, OEM leaders, suppliers, dealers, and national policymakers, Girsky is unique in his proven ability to translate vision and strategy into world-class execution, bringing together teams and solutions to drive results.

“Since Nikola’s inception, I have been a champion of its mission. I am energized to take on this role and build upon the work of Michael and the team,” stated Girsky. “I have had the pleasure of getting to know many of Nikola’s executives during my time on the Board and look forward to working with them as well as our talented employees as we continue to execute on our strategy and deliver on our milestones to best serve our valued partners, customers, and suppliers.”

In connection with his appointment as CEO, Girsky will remain on the Board of Directors and Steve Shindler, a director since October 2020, will serve as Chairman of the Board. Shindler is a veteran executive who has significant corporate financial management and strategic planning experience. He has served in c-suite positions, including most recently as CEO of NII from 2012 until August 2017, as well as from 2000 to 2008, where he successfully transformed the company from a start-up operation into a leading wireless provider.

“I am delighted for the opportunity to expand my role with the company and to collaborate more closely with Nikola’s deep and experienced leadership team,” said Shindler. “I have known Steve for many years and as Chair, I am excited to support his vision for the future.”

Nikola will host a conference call and webcast to discuss this news and review and discuss the company’s financial results for the second quarter ended June 30, 2023 on Friday, August 4, 2023, at 10:30 a.m. ET / 7:30 a.m. PT. The webcast will be available at https://nikolamotor.com/investor-events/.