Nikola nasdaq Nkla Stock Falls Following Leadership Change in Energy Division

Nikola (NASDAQ: NKLA) Stock Falls Following Leadership Change in Energy Division

Nikola Corporation (NASDAQ: NKLA) shares fell after Ole Hoefelmann was named President of the Nikola Energy division.

Nikola (NKLA) has just announced a significant change in its leadership. Ole Hoefelmann, a seasoned veteran with over 30 years of experience in the hydrogen business, will take charge as the new President of the Nikola Energy division, effective February 5, 2024.

Hoefelmann, known for his extensive background in executive roles at Air Liquide and Plug Power, was previously Nikola’s Global Head of Infrastructure Operations. In this role, he successfully reorganized the HYLA-brand hydrogen refueling infrastructure. Now, as the President of Nikola Energy, he will oversee various aspects of the company’s energy business, including supply strategy, technology, dispensing, and development.

Steve Girsky, the President and CEO of Nikola, has praised Ole as an esteemed global executive from the energy sector with an outstanding track record. He noted that in just a few months, Ole has significantly advanced the company’s development of its hydrogen highway, beginning in California, with intentions to extend throughout the U.S. and Canada.

Girsky added,

“As our hydrogen fuel cell electric truck sales increase in 2024, it’s important that our energy efforts are commensurate. We are confident that our customers will benefit from Ole’s expertise and service-oriented mentality.”

Amid this change, Joe Cappello, recognized for his leadership in the hydrogen industry and serving as President of Nikola Energy, will leave the company. He will continue to provide support in the coming weeks to facilitate a seamless transition.

Girsky acknowledged Cappello’s contributions, expressing best wishes for his future endeavors in championing energy transitions and supporting hydrogen’s global growth.

Nikola (NASDAQ: NKLA) Stock Price Action

NKLA stock dipped 0.23% to close at $0.73 on Friday. The traders had exchanged hands with 63,801,754 (63.80 million) shares compared to the average daily trading volume of 96.11 million.