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Nikola CEO Mark Russell to retire amid turnaround plans

Yahoo Finance's Pras Subramanian joins Yahoo Finance Live to discuss the Nikola CEO stepping down.

Video Transcript

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BRIAN CHEUNG: Plenty of news over on the EV front this morning. Nikola looking at a shakeup in their C-suite. Chief executive officer and president Mark Russell announcing that he will retire effective January 1 of next year. For more on this, let's bring in Yahoo Finance's Pras Subramanian, who's been following this story. Again, Trevor Milton at one point, a lot of controversy over this company. Mark Russell brought on board to kind of right the ship, but now he's leaving.

PRAS SUBRAMANIAN: Yeah, another move here at the top in Nikola. You know, that redemption plan of the company, I think, is still ongoing. Mark Russell now leaving at the end of the year, going to be replaced by Nikola's current motor president, Michael Lohscheller, who's the former Opel CEO, former VW executive. A lot of experience in terms of manufacturing.

So I think they're going to need that as they sort of ramp up their Tre electric truck that they're using Germany's Iveco to build as a contract manufacturer. So I think it's not a terrible thing for Nikola to kind of go with this new direction. But it also comes a week after the shareholders voted on a new capital race plan that Trevor Milton actually was against. So a lot still happening there from a management, but also sort of, like, capital structure point of view there at the company.