New Zealand markets closed
  • NZX 50

    11,079.98
    +120.53 (+1.10%)
     
  • NZD/USD

    0.5715
    -0.0010 (-0.18%)
     
  • NZD/EUR

    0.5803
    -0.0015 (-0.26%)
     
  • ALL ORDS

    6,892.80
    +236.40 (+3.55%)
     
  • ASX 200

    6,686.70
    +229.80 (+3.56%)
     
  • OIL

    83.94
    +0.31 (+0.37%)
     
  • GOLD

    1,709.20
    +7.20 (+0.42%)
     
  • NASDAQ

    11,229.73
    +258.50 (+2.36%)
     
  • FTSE

    6,908.76
    +14.95 (+0.22%)
     
  • Dow Jones

    29,490.89
    +765.38 (+2.66%)
     
  • DAX

    12,209.48
    +95.12 (+0.79%)
     
  • Hang Seng

    17,079.51
    -143.32 (-0.83%)
     
  • NIKKEI 225

    26,953.78
    +737.99 (+2.82%)
     
  • NZD/JPY

    82.6270
    -0.0860 (-0.10%)
     

Nikola CEO Mark Russell announces retirement

Yahoo Finance anchors discuss the leadership change at Nikola after CEO Mark Russell announced he will step down at the end of the year.

Video transcript

JULIE HYMAN: All right, let's get to Nikola. The chief executive officer and president, Mark Russell, will retire effective January 1 of next year. Current Nikola Motor president, Michael Lohscheller, will take on the mantle and become CEO upon Russell's retirement. Nikola, of course, has had its struggles. The shares are not doing much today on this news that there is this succession happening. You know, but I guess they needed a change of some kind.

BRAD SMITH: They did. They absolutely needed a change, whether it was because of the executive mismanagement or all of the headwinds sentiment-wise, that they were still going to have to navigate through in the near term.

I think for Nikola and getting to what they have actually promised in this delivery of a hydrogen semi or hydrogen automotive solutions, whether that's autonomous or not, there's still so much investment that needs to be made in the business to actually be able to deliver an end product. And you hope that any executive change can allow them to do that, that much quicker.

BRIAN SOZZI: Well, hopefully, this person could actually get a truck to market. And they will actually make money--

BRAD SMITH: Right.

BRIAN SOZZI: --from this truck that may or may not come to market. But look, I mean, this is a borderline company at best.