Phoenix-based Nikola Corporation names former General Motors executive Stephen Girsky as CEO

Aug 4, 2023, 6:00 PM

Nikola Corporation hires Stephen Girsky as new CEO...

Stephen J. Girsky, vice chairman of General Motors, attends the New York International Auto Show in New York, April 20, 2011. In a statement released Friday, Aug. 4, 2023, electric and hydrogen-powered heavy truck maker Nikola Corp. has named board Chairman Girsky as its new CEO. (AP Photo/Richard Drew)

(AP Photo/Richard Drew)

Electric and hydrogen-powered heavy truck maker Nikola Corporation has named board Chairman Stephen Girsky as its new CEO.

The former General Motors executive and auto industry analyst replaces Michael Lohscheller, who will step down immediately as CEO, and as a board member on Aug. 31.

The Phoenix-based company says in a statement Friday that Lohscheller made the decision due to a family health matter and will return to Europe. He will stay on in an advisory capacity through September.

Girsky will remain on the board and will be replaced as chairman by director Steve Shindler.

Girsky will lead a startup that is struggling to reach profitability. The company on Friday reported a second-quarter net loss of $217.8 million, 26% larger than the same period a year ago.

But the Nikola Corporation said in a statement that sales and production are growing and it is well on the way to executing its business plan and becoming profitable.

The company said it has nearly doubled its unrestricted cash and has reduced spending.

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Phoenix-based Nikola Corporation names former General Motors executive Stephen Girsky as CEO