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Nikola Founder Trevor Milton Set to Step Down from Executive Leadership Voluntarily

Early Monday, the electric truck company Nikola Corporation (NASDAQ: NKLA) gave out an astonishing statement that the former General Motors Company (NYSE: GM) vice-chairman Trevor Milton – who is currently chairman of the board – wants to step down.

Milton wrote the following statement:

“… the focus should be on the Company and its world-changing mission, not me. So I made the difficult decision to approach the Board and volunteer to step aside as Executive Chairman.”

Just recently, Nikola suffered fraud accusations from Hindenburg Research, a short-selling firm. However, in a report, the company defended itself against the accusations stating that ‘dozens’ of those allegations were ‘inaccurate.’

Reportedly the Department of Justice and the Securities and Exchange Commission (SEC) have also stepped in to investigate claims about misleading investors by the firm.

Securing partnerships with various automakers based on false statements concerning Nikola’s technology was the allegation that Hindenburg levied against Milton. In reply to the research firm, Milton tweeted:

“I intend to defend myself against false allegations leveled against me by outside detractors.”

Milton expressed his confidence about Stephen Girsky having the right leadership qualities to direct Nikola’s vision at the Board level. He explained that Steve, being a firm supporter and believer of the company, has been a director of several public companies and has over 30 years of experience working with national policymakers, OEM leaders, labor leaders, dealers, and numerous suppliers.

Furthermore, he stated Nikola’s goal of being the global leader in zero-emissions transportation would not fade as the deep bench of talent – led by Mark Russell, Chief Executive Officer, and Kim Brady, Chief Financial Officer – will appropriately advance it.

Girsky, on behalf of the company’s Board, thanked Trevor for showing visionary leadership since Nikola was found. He said that Trevor took action during its nascent stages to build a Nikola that is now a revolutionary business model with groundbreaking R&D.

Mark Russell eventually said that the company remains committed to delivering the objective of increasing its shareholder’s value.

He further added that “…in collaboration with our partners, we are laser-focused on executing on our strategic initiatives…”

After taking an 11% company’s stake, GM promised to by the end of 2022 manufacture the Badger, the electric pickup truck that runs on Nikola’s marquee hydrogen fuel cell.

Nikola Corporation is a designer and producer of zero-emission battery-electric and hydrogen-electric vehicles, vehicle components, electric vehicle drivetrains, hydrogen station infrastructure, and energy storage systems.

With only outstanding shares worth around 361 million, the company’s last 10 trading day’s average volume amounted to 53.2 million shares. From $30 at the start of May, its share price rose to a high of $93.99 in June (actually the current 52-week high). However, just on Friday, finished at $34.19 on the Nasdaq-traded shares. This shows how wildly volatile Nikola’s shares have been this year.

Nikola Founder Trevor Milton Set to Step Down from Executive Leadership Voluntarily

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