Electric truck maker Nikola said Michael Lohscheller will step down as CEO less than a year after taking over the job and would be replaced by former General Motors Vice Chairman Stephen Girsky.
Girsky, who is currently Nikola's chairman, will be the company's fourth CEO in as many years. His appointment comes as Nikola tries to navigate a host of challenges including depleting cash reserves, supply chain constraints and a pivot to hydrogen fuel cell technology.
Girsky, who is perhaps best known for his role helping GM after bankruptcy, was head of the special purpose acquisition company that took Nikola public via a reverse merger in 2020.
He also brokered a deal giving GM an 11 percent stake in Nikola as part of a subsequently canceled strategic partnership.