Nikola gets 3rd CEO in a year with Steve Girsky taking over

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Nikola Chairman Steve Girsky is taking over as CEO — the startup electric truck maker’s third chief executive in less than a year — as incumbent Michael Lohscheller departs to tend to a family health matter.

The timing of the announcement comes a day after Nikola declared it had enough votes to pass a shareholder proposal to double the number of authorized shares — a pathway to new capital that could allow Nikola to scale its fuel cell truck and hydrogen distribution businesses.

In its second-quarter earnings report Friday, Nikola said its cash position improved in the quarter because it sold off assets, including cashing out of a European joint venture with Iveco for $35 million.

After paying overdue interest on a $200 million hedge fund loan with sales of the newly authorized stock, Nikola should have sufficient resources to get to three-shift production of 2,400 fuel cell trucks a year.

Girsky, whose VectoIQ consultancy was the special purpose acquisition company sponsor of Nikola in 2020, has been chairman through nearly constant drama at the Phoenix-based company founded by Trevor Milton.

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