After Messy Second Quarter, Nikola CEO Steps Down, Replaced By Chairman.

EV truck maker Nikola Corp. said that the CEO of Nikola Group Michael Lohscheller, is stepping down the top executive position due to a family health issue. He will be replaced by Steve Grisky, board chairman and a former GM board member and the CEO of the special purpose acquisition company that merged with Nikola to make it a publicity company.

Reason for Stepping Down

Lohscheller has decided to step down due to a family health matter and will be returning to Europe, the company said in a statement. He will remain in Nikola in an advisory capacity through the end of September.

“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,” Grisky said in a statement. “I am grateful for all that Michael was able to accomplish to move our company forward during this tenure.

Michael’s Journey With Nikola

Michael joined Nikola as president in March 2022. Just a month later, the company announced that Michael will replace Mark Russell for the post of CEO. Before Joining Nikola Michael was the CEO of Opel and Vinfast, as well as CFO at Volkswagen Group of American and Mitsubishi Motors Europe.

The change in CEO news was coupled with the result of the second quarter, according to which there was a 12% decrease in the share value.

Nikola reported revenue of $15.4 million in the second quarter, a 15% drop from the same period last year. The company reported a loss of $217.8 million compared to a loss of $173 million last year.

In recent years Grisky, the board and Lohscheller have tried to put Nikola back on the right and less Scandalous path and focused on producing its battery-electric truck and launching its Class 8 hydrogen fuel Electric truck.

The company successfully received enough shareholder support to issue more shares, a move that would allow it to potentially raise more capital.