Mark Russell will retire as CEO of Nikola at the end of the year, the company announced on Monday. Russell has been with Nikola since 2014 and has served as CEO since 2020. Under his leadership, Nikola has become a leading manufacturer of EVs and batteries. 

“Being part of Nikola has been the highlight of my career,” Russell said. “I could not be prouder of this team and everything we have accomplished and the milestones we have achieved so far. I am confident that under Michael’s leadership, we will continue to show how to decarbonize heavy commercial transportation and help the world create the energy ecosystem of the future.” 

Russell will be replaced by former Opel CEO Michael Lohscheller, who joined Nikola in February. “I am honored and excited to succeed Mark as Nikola’s next CEO as we advance our journey as a pioneer in zero-emission transportation and infrastructure solutions,” said Lohscheller. “We have a robust business model, a talented global team, leading electric vehicle technology and energy solutions. We are well-positioned to capitalize on the growth opportunities ahead of us and accelerate our strategic initiatives.”

Shares of Nikola were up about 4% in premarket trading immediately following the news.

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