- Push-out Score determined
- After about two and a half years in the position
- Praise and thanks for Russell
- Michael Lohscheller taking over
- Russell said 61 words
(exechange) — Phoenix, Arizona, August 10, 2022 — Mark Russell, chief executive of Nikola, leaves. As announced by Nikola Corp. in a news release on Wednesday, August 10, 2022, Mark A. Russell leaves his post as chief executive officer at the electric-truck maker, after about two and a half years in the role, effective January 1, 2023.
Mark Russell’s duties as CEO will be taken over by Michael Lohscheller, most recently Motor President at Nikola Corp.
“Increased sense of urgency”
Nikola did not give an explicit reason for Mark Russell’s departure from the CEO post. Steve Girsky, Nikola’s Chairman of the Board, said: “Michael Lohscheller’s selection represents the completion of a thoughtful succession planning process by the Board of Directors. With more than 20 years in the automotive industry, Michael has deep experience as a seasoned executive and as a highly knowledgeable business operator. In his six months since joining our company, Michael has continued to bring an increased sense of urgency, high level of accountability, improved lines of communication and accelerated decision-making to Nikola Motor.”
Precise information regarding Mark Russell’s future plans was not immediately available.
“Retire”
Nikola said: “Chief Executive Officer (CEO) and President of Nikola Corporation Mark Russell will retire, effective January 1, 2023, and has named current Nikola Motor President Michael Lohscheller as his successor.”
Share price decline since June 2020
The announcement follows a decline in Nikola Corp.’s share price of 80% since June 2020. June 2020 is the month in which Russell’s tenure as CEO began.
In the position of CEO since 2020
Mark Russell became CEO of the Company in 2020.
Mark A. Russell has served as the Company’s President and Chief Executive Officer and a member of the Company’s board of directors since June 2020.
Prior to that, Russell served as President of Nikola Corporation, a Delaware corporation (“Legacy Nikola”), prior to the completion of the Company’s business combination with VectoIQ Acquisition Corp. (“VectoIQ”) on June 3, 2020 (the “Business Combination”), from February 2019 to June 2020, and as a member of Legacy Nikola’s board of directors from July 2019 to June 2020.
From August 2018 to February 2019, Russell explored new opportunities.
Prior to that, Russell served as President and Chief Operating Officer of Worthington Industries (NYSE: WOR), a diversified metals manufacturing company, from August 2012 to August 2018.
Russell received a B.I.S. in integrated studies from Weber State University and a juris doctor from Brigham Young University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Mark Russell’s move on a scale of 0 to 10.
exechange reached out to Nikola and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2022 ($).