Nikola Appoints Bruce Smith to Board of Directors

Rhea-AI Summary

Nikola Corporation (NASDAQ: NKLA) appointed Bruce Smith as an independent director on its board. Smith brings over 30 years of leadership experience in manufacturing, previously serving as CEO of Detroit Manufacturing Systems, with around $1 billion in annual revenue. His expertise encompasses driving business performance and overseeing large-scale operations. Chairman Steve Girsky expressed confidence in Smith's ability to enhance the board's strategic direction. Smith aims to contribute to Nikola's vision of transforming the trucking industry with innovative technologies and infrastructure.

Positive

• Bruce Smith's extensive experience in manufacturing operations is expected to strengthen Nikola's leadership.
• Smith's background in overseeing large operations could lead to improved operational efficiencies.
• His insights may facilitate the execution of Nikola's strategic priorities.

Negative

• None.

PHOENIX, Oct. 29, 2020 /PRNewswire/ -- Nikola Corporation (NASDAQ: NKLA) today announced that it has appointed Bruce Smith as a new independent director.

Smith has more than 30 years of leadership experience in manufacturing operations, having led numerous companies and has a history of driving business and financial outperformance. He is currently the Chairman and Chief Executive Officer of Detroit Manufacturing Systems (DMS), a Tier 1 component manufacturer for global automotive brands with approximately $1 billion in annual revenue. Prior to joining DMS, Smith worked closely with leading private equity firms and entrepreneurs, holding key executive management positions, including president and CEO of BTM Company, a global leader of precision engineered tooling and production equipment. Earlier in his career, he served as president and CEO of Elyria & Hodge Foundries, president and COO of Guilford Mills, president and CEO of automotive supplier Piston Group, and president and COO of United Plastics Group.

"Bruce is a highly respected and proven leader, and we are excited to have him join the Nikola Board," said Steve Girsky, Chairman of Nikola's Board of Directors. "With an unmatched understanding of today's manufacturing landscape, deep financial acumen and proven expertise in overseeing large operations, he is uniquely qualified to bring fresh perspectives to our diverse Board. We are confident that Bruce's valuable perspective and insights will help the Board and management team execute on its strategic and business priorities."

"I am pleased to join the Nikola Board of Directors," said Smith. "Nikola has a compelling vision for the future of the trucking industry as it executes its strategy to create an ecosystem integrating next-generation truck technology, hydrogen fueling infrastructure and maintenance. I look forward to partnering with my fellow Board members and management as we work to deliver on this vision for Nikola and create value for shareholders."

ABOUT NIKOLA CORPORATION:­
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.

SELL-SIDE ANALYST / INSTITUTIONAL INVESTOR INQUIRIES:
Kim Brady
kim.brady@nikolamotor.com

MEDIA CONTACTS:
Nicole Rose
nicole.rose@nikolamotor.com
480-660-6893

Colleen Robar
crobar@robarpr.com
313-207-5960

Tim Lynch / Tim Ragones
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

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SOURCE Nikola Corporation

FAQ

What is the significance of Bruce Smith's appointment to Nikola's board?

Bruce Smith's appointment is significant due to his 30+ years of experience in manufacturing, potentially enhancing Nikola's strategic direction and operational efficiencies.

When was Bruce Smith appointed to Nikola Corporation's board?

Bruce Smith was appointed to Nikola Corporation's board on October 29, 2020.

What are Bruce Smith's qualifications for joining Nikola's board?

Bruce Smith has extensive leadership experience in manufacturing, having led numerous companies and driven financial outperformance.

What is Bruce Smith's vision for Nikola Corporation?

Bruce Smith aims to contribute to Nikola's vision of creating a next-generation trucking ecosystem integrating advanced technologies and hydrogen fueling infrastructure.

What impact might Bruce Smith have on Nikola Corporation?

Bruce Smith's expertise may help Nikola in executing its strategic business priorities and improving shareholder value.