Following the news that Nikola’s CEO and founder Trevor Milton is voluntarily resigning, company stocks saw a 30% tumble before Monday’s opening bell on Wall Street, which sets a four-month low for the embattled electric truck maker.
In a press release, Milton stated the company should now focus its attention on changing the world with its innovative electric truck technology, not on him. As he steps down from his position as Executive Chairman, Milton said he still believes their trucks will help to better change the world and contribute to protecting the earth’s climate. He concluded by saying it has been his “incredible honor” to be a part of that and he’s confident the team they built will see their vision through to fruition “making Nikola the global leader in zero-emissions transportation.”
Effective immediately, former General Motors vice chairman and Nikola board member, Stephen Girsky, will assume Milton’s role after quickly being appointed by the board.
Ann Sullivan is a contributing staff writer covering national and world news topics. She brings dedicated experience having written international and domestic news, blogs, and web content for over 20 years. She’s also a published poet and graphic designer with degrees in Business and Graphic Communications and has been a music distributor, music industry sponsorship sales director and band manager.