NIKOLA CEO Mark Russell To Retire In 2023, Michael Lohscheller To Replace Him

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Nikola Corporation ($NASDAQ:NKLA) has announced that its Chief Executive Officer, Mark Russell, will retire from the company on January 1, 2023. He will be replaced by Michael Lohscheller, who is currently the President of Nikola Motor. Russell will remain a member of the board after he transitions from the CEO slot. This change in leadership comes as Nikola prepares to go public through a merger with SPAC VectoIQ. It remains to be seen how this change will affect the company in the long term, but it is likely that Lohscheller will bring a different perspective to the role of CEO.

Market Reaction

On Wednesday, NIKOLA stock opened at $7.4 and closed at $7.0, up by 0.4% from previous closing price of 7.0. NIKOLA has been facing various challenges in recent months, including allegations of fraud by its founder Trevor Milton and production delays for its Nikola One truck. It remains to be seen how Lohscheller will lead the company forward in the coming years.

VI Analysis

Companies that have strong fundamentals tend to have long-term potential. The following analysis of NIKOLA’s fundamentals is made simple by the VI app. According to the VI Star Chart, NIKOLA is strong in asset growth and weak in dividend and profitability. NIKOLA has an intermediate health score of 5/10 with regard to its cashflows and debt. The company is likely to pay off its debt and fund future operations. NIKOLA is classified as a ‘cheetah’, a type of company that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. High growth companies are deemed more volatile as they attempt to grow faster.

Summary

NIKOLA Corporation ($NASDAQ:NKLA) announced that CEO Mark Russell will retire in 2023 and will be replaced by Michael Lohscheller, who is currently the CEO of Opel. The news sent the stock price up 0.4% the next day. Investors may want to consider buying NIKOLA stock as the company is expected to continue to grow under new leadership.