Nikola nasdaq Nkla Stock Plummets Post New Cfo Appointment

Nikola (NASDAQ: NKLA) Stock Plummets Post New CFO Appointment

Nikola Corporation (NASDAQ: NKLA) stock tumbled 5% on Monday following the appointment of a new CFO.

Nikola (NKLA) has appointed Thomas “Tom” B. Okray as its new Chief Financial Officer (CFO), marking a significant development for the company. This strategic appointment comes at a crucial juncture as Nikola sets its sights on expanding its supply base and achieving profitable business scalability. 

President and CEO Stephen Girsky hailed Okray’s appointment, expressing confidence in his ability to drive growth amidst the evolving dynamics of the trucking industry.

He said,

“Tom’s depth of financial expertise, cultivated over four decades, will play a crucial role as we expand our supply base and profitably scale our business. Tom will not only complete our executive team but also help to solidify our foundation for success as we continue to reshape the trucking industry and drive decarbonization forward.”

Okray brings extensive financial acumen over a career spanning more than four decades, with notable leadership roles in major corporations. His illustrious career includes high-ranking roles such as EVP and CFO at Eaton Corporation (NYSE: ETN), SVP and CFO at Grainger, and EVP and CFO at Advance Auto Parts (NYSE: AAP). His extensive experience spans across borders, offering Nikola a valuable international perspective.

In his statement, Okray expressed his excitement about joining Nikola and contributing to the advancement of zero-emissions technology. He cited his longstanding relationships with key figures within Nikola’s leadership as a driving factor behind his decision to join the company.

Okray’s background also includes significant roles at General Motors (NYSE: GM), where he was deeply involved in product development, procurement, and supply chain management. Moreover, he serves on the board of directors for Flowserve Corporation (NYSE: FLS), The Cleveland Orchestra, and The City Mission.

Nikola (NASDAQ: NKLA) Stock Movement

NKLA stock plunged 4.88% to close at $0.70 on Monday. The traders had exchanged hands with 100,102,949 (100.10 million) shares compared to the average daily trading volume of 107.48 million.