Nikola CFO steps down in less than a year of joining

The Chief Financial Officer (CFO) of electric-truck maker Nikola, Anastasiya Pasterick, is stepping down from her role at the company, in less than a year after joining. The news comes just months after the company named its fourth CEO in four years. Times have been tough for the American manufacturer as it posted a wider loss for the third quarter on suspending sales and recalling all 209 of its battery-electric heavy duty trucks. The recall was a result of an investigation which found a coolant leak inside a battery pack inside the vehicles, which could lead to fires.

Pasterick decides to move on

After joining the loss-making company in March this year, Pasterick has decided to “pursue other opportunities”. She had taken over from Kim Brady, who was the one to have taken Nikola public through a merger with a blank-check firm in 2020. With the company already on a lookout for a new CFO, Pasterick will assist with a transition through December 1. Meanwhile, key financial leaders will report directly to CEO Stephen Girsky.

Difficulty retaining executives

EV truck-maker Nikola has had a history of difficulty retaining executives, especially after the ouster of the founder and former CEO Trevor Milton in 2020 after the Securities and Exchange Commission launched a probe into allegations of fraud against the company. This was followed by an investigation by the US Department of Justice. Milton was succeeded by then-president Mark Russell who retired at the end of 2022.

Michael Lohscheller followed into his footsteps but resigned within less than a year citing family matters. His role was filled in by current CEO Steve Girsky in August, who now faces the challenge of ramping up Nikola’s electric truck production and turning around the company’s finances. The former General Motors executive faces a range of financial challenges at Nikola, especially as the launch of the fuel cell electric trucks looms this quarter. The company also expects to begin returning repaired trucks to customers in the first quarter.