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Nikola CEO Mark Russell to retire at the end of the year, stock gains

Nikola CEO Mark Russell to retire at the end of the year, stock gains

Shares of Nikola Corp. jumped 2.6% in premarket trading Wednesday, after the electric vehicle maker said Chief Executive Mark Russell will retire, effective Jan. 1, 2023. Russell was named CEO in June 2020, after joining the company as president in February 2019. The company said Michael Lohscheller, currently president of Nikola Motor, will succeed Russell. Nikola's stock has tumbled 89.7% since the end of June 2020, while shares of fellow EV maker Tesla Inc. has run up 293.6% and the S&P 500 h