Electric truck maker Nikola Corp. said on Friday that Michael Lohscheller will step down as CEO less than a year after taking over the job and would be replaced by industry veteran Stephen Girsky at the end of the month.
Shares of the Phoenix, Ariz.-based company fell about 9 percent in trading before the bell.
Girsky, 61, who is currently the company’s chairman, will be Nikola’s fourth CEO in as many years. His appointment comes as the company turns its focus to fuel-cell-powered electric trucks. Girsky served a variety of roles at General Motors from 2009 to 2014, including a stint as vice chairman.
Lohscheller has decided to step down due to a family health matter and will be returning to Europe, the company said, adding that he would remain in an advisory capacity through the end of September.
Separately, Nikola reported a narrower second-quarter loss as lower production of its Tre battery-electric trucks in the April-June period helped keep costs in check. The company lost $218 million during the second quarter compared with a $387 million loss during the same quarter last year. Revenue fell 15 percent to $15.4 million.
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