Shares of Nikola experienced a significant surge following the announcement that the company has named Mary Chan as its new Chief Operating Officer. Chan, who previously served as the president of General Motors’ global connected consumer group, brings a wealth of experience to her new role.
As of 2:59 pm E.T., Nikola’s shares were up 32% to $1.57. It’s important to note, however, that the stock has declined by 28% since the beginning of the year and has experienced a significant drop of 66% over the past 12 months.
Chan’s appointment is scheduled for October 9th, and she will assume responsibility for overseeing various key areas within the company, including engineering, program management, product development, supply chain, and manufacturing teams.
This recent announcement comes on the heels of Steve Girsky being named as Nikola’s Chief Executive Officer, replacing Michael Lohscheller. Girsky, who previously held various roles at General Motors, including Vice Chairman from 2009 to 2014, brings a wealth of industry knowledge and leadership experience to his new position.
It is worth noting that in November 2020, General Motors announced that it would no longer be taking an 11% equity stake in Nikola in exchange for engineering work and other services.