Nikola Corporation Announces Upcoming Change to Board of Directors

Rhea-AI Summary

Nikola Corporation (NASDAQ: NKLA) has announced the retirement of three board members: Gerrit Marx, Lynn Forester de Rothschild, and Mark Russell, effective at the annual meeting on June 7, 2023. The chairman of the board, Steve Girsky, stated the company is committed to delivering results in zero-emission technologies. Marx, a board member since September 2019, expressed pride in helping Nikola during its growth in electric vehicle offerings. Forester de Rothschild, who joined in February 2022, highlighted the company's achievements and ongoing mission towards environmental health. Russell, who served as CEO before retiring in 2022, emphasized his dedication to a zero-emissions future. This leadership change marks a pivotal moment as the company continues to evolve its board composition for future growth.

Positive

• Leadership transition may bring fresh perspectives to Nikola's strategy.
• Ongoing commitment to zero-emission technologies aligns with increasing market demand.

Negative

• Retirement of experienced board members may create continuity concerns.

PHOENIX, April 13, 2023 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emission transportation and energy supply and infrastructure solutions, today announced that Gerrit Marx, Lynn Forester de Rothschild and Mark Russell are retiring from Nikola's Board of Directors at this year's annual meeting to be held on June 7, 2023.

"Nikola is focused on delivering results in our core business units of zero-emission trucking and energy infrastructure solutions," said Steve Girsky, chairman, Nikola Board of Directors. "As the Company evolves, the size and composition of the Board will as well. We are grateful for the many contributions that Gerrit, Lynn and Mark have made to Nikola over the years and wish them well."

Marx, CEO of Iveco Group, has been a member of Nikola's Board of Directors since September 2019. Forester de Rothschild, a co-founder of Inclusive Capital Partners, joined the Board in February 2022. Russell joined Nikola in 2019 as President and most recently served as CEO before retiring in 2022.

"I am proud of the time spent on Nikola's Board for the past four years," said Marx. "It has been a pleasure to help counsel Nikola on key international decisions as they scaled up their battery-electric and hydrogen-electric truck offerings."

"Everything I try to do is in pursuit of a healthy planet and the health of its inhabitants. I am proud of what Nikola has achieved and the current team and Board that is in place," said Forester de Rothschild.

"Nikola's mission holds a special place in my heart," said Russell. "I want to see a zero-emissions future for my kids and grandkids and will do all I can to make sure that happens. Going forward, the only change will be that I will be cheering on Nikola from the sidelines rather than from the boardroom."
 

ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric vehicles (BEV) and hydrogen electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, 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.

FORWARD LOOKING STATEMENTS
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the federal securities laws. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expectations regarding Nikola's business model and strategy. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola's management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; risks related to the conflict between Russia and Ukraine; the outcome of legal proceedings to which Nikola is, or may become a party; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola's business and the timing of expected business milestones; the effects of competition on future business; the availability of capital; and the other risks and factors detailed from time to time in Nikola's  reports filed with the Securities and Exchange Commission, including the risks  discussed in Nikola's  annual report on Form 10-K for the year  ended December 31, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.

 

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SOURCE Nikola Corporation

FAQ

What changes are being made to Nikola's Board of Directors?

Nikola is retiring three board members: Gerrit Marx, Lynn Forester de Rothschild, and Mark Russell, effective June 7, 2023.

Who are the retiring board members of Nikola Corporation?

The retiring board members include Gerrit Marx, Lynn Forester de Rothschild, and Mark Russell.

How might the board changes affect Nikola Corporation?

The changes may introduce new strategies and directions, but could also raise concerns about continuity and experience.

When is Nikola's annual meeting for board member retirements?

Nikola's annual meeting will be held on June 7, 2023.

What is the significance of the leadership changes at Nikola?

The leadership changes signal an evolution in the company's approach to governance and strategy in the zero-emission transportation sector.