Nikola CEO Resigns After Turbulent Second Quarter, Chairman Takes Over as Replacement.

Nikola Corp. announced that CEO Michael Lohscheller is stepping down due to a family health issue, and will be replaced by Steve Grisky, the board chairman and former GM board member. Lohscheller will be returning to Europe but will remain in an advisory capacity until the end of September.

"The Board respects Michael's decision, and we thank him for his dedication and contributions to Nikola," said Grisky in a statement. "I am grateful for all that Michael has done to move our company forward." Lohscheller joined Nikola in March 2022 as president and became CEO a month later.

Prior to his time at Nikola, he held leadership positions at Opel, Vinfast, Volkswagen Group of America, and Mitsubishi Motors Europe. The CEO change comes as Nikola reported a 12% decrease in share value in the second quarter. Revenue dropped by 15% to $15.4 million, with a loss of $217.8 million compared to $173 million the previous year. Under the leadership of Grisky, the board, and Lohscheller, Nikola has been focusing on producing its battery-electric truck and launching its Class 8 hydrogen fuel Electric truck.

The company has also received shareholder support for issuing more shares to potentially raise more capital.