Shares of electric-vehicle maker Nikola dropped Friday after the company said its chief executive would step down, to be replaced by its chairman.
Nikola stock finished Friday off 26%. The company said Michael Lohscheller would be replaced by Steve Girsky, making Girsky its fourth CEO in about as many years.
In separate news, Nikola reported a drop in sales and widening losses in its latest quarter. Shareholders also approved a sharecount increase that would allow it to sell more shares. An earlier proposal was rejected by shareholders.
Source: https://www.wsj.com/livecoverage/stock-market-today-jobs-report-08-04-2023/card/nikola-stock-falls-as-ceo-to-step-aside-sales-drop-xU4QTTEXPzU5Y7CQah24?siteid=yhoof2&yptr=yahoo