Trevor Milton stepped down as an Executive Chairman of Nikola Motor amid fraud allegations
Sources close to the embattled fuel cell truck manufacturer are reporting that founder Trevor Milton has resigned as executive chairman of Nikola Motor (NASDAQ: NKLA) and has departed the company effective immediately.
Nikola Corporation (NASDAQ: NKLA) today announced that Trevor Milton approached the Board of Directors and proposed to voluntarily step aside as Executive Chairman and from the Board. The Board accepted his proposal, and Stephen Girsky, former Vice Chairman of General Motors Co. and a member of Nikola’s Board, has been appointed Chairman of the Board, effective immediately.
He will remain as one of the company’s largest shareholders, but will not have a say in how the company is managed going forward. Sources tell FreightWaves that the decision was Milton’s, in an effort to protect the company and his investment. Milton owns approximately 82 million shares or 20% of the company, worth about $2.8 billion.
Milton is the founder of Nikola Motor, creating a vision for “a hydrogen-powered trucking industry”. His comments about the capabilities of Nikola and the hydrogen-powered trucking network he planned to build have occasionally stretched beyond what is physically possible, leaving many detractors to highlight these statements as proof that the company is a scam.
Read the full article HERE at freightwaves.com
Source and credits: freightwaves.com
iTrucker / Mario Pawlowski / itrucker.com