From the height of striking a deal with General Motors to produce its Badger pickup to the lows of fraud probes have lead to the end of the road for Trevor Milton: Nikola’s founder and executive chairman. The New York Times reports that Milton has stepped down from the company after speculation surrounding the company’s technological claims.
Taking Milton’s spot, according to the Times, is the former GM vice chairman and Nikola board member Stephen Girsky. Girsky also spent time as the president of GM Europe, so he should have a sound understanding of what it takes to run a car company.
It might seem strange that the company’s founder would resign after finishing a deal with General Motors, but the growing scrutiny surrounding the company’s technology has reached the folks at the SEC and the U.S. Justice Department, who have respectively started their own fraud investigations.
It’s hard to say if Milton’s resignation will have a major impact on the company’s deal with GM, though it might be safe to assume that if the SEC or Justice Department confirms the suspicion of fraud there could be trouble with the partnership.
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