On Tuesday, Nikola shares skyrocketed ahead of former General Motors (GM) visionary’s appointment as chief operating officer (COO).
Its stock price gained 36.61% to $1.59 per share on September 19. Furthermore, market analysts predict an additional 6.92% increase to a $1.70 after-hours price per share.
Nikola announced Mary Chan as the hydrogen fuel cell electric vehicle (FCEV) manufacturer’s new COO, effective October 09. She will take charge of five teams: engineering, programming, product development, supply chain, and manufacturing.
President and CEO Steve Girsky intends for Chan to reinforce Nikola’s position as a global leader in engineering and manufacturing. Moreover, he believes her extensive experience will help streamline the integrated truck and energy company’s decision-making process.
The appointment is Girsky’s next major management decision since he took charge in early August. He began his tenure with a recall of the company’s battery-electric trucks.
As a result, investor confidence in Nikola plummeted, leading to a plunge in its stock price. Fortunately, the company’s shares rebounded with the announcement that the delivery of its first FCEVs will proceed in late September.
News of upcoming FCEV deliveries triggered a bull run for the NKLA stock, culminating in a 79.30% three-day gain. Furthermore, trading volume shot up to 203.90 million shares, far above the previous 30-day average of 77.50 million shares.
Thus, investors consider the recruitment of Mary Chan as the continuation of Girksy’s winning streak as the CEO of Nikola.
General Motors Innovator to Become New Nikola COO
Upcoming Nikola COO Mary Chan is most known as the former president of a key consumer group at General Motors. She pioneered the industry’s first 4G LTE connectivity, linking GM’s brands in the US, China, Europe, and Mexico.
Additionally, she was the brains behind GM’s next-generation connected infotainment products and OnStar broadband data services. Independent industry monitor Fierce Wireless named Chan one of the top 10 female power players in the wireless industry.
Prior to GM, Chan worked as Senior Vice President and General Manager for Enterprise Mobility Solutions and Services at Dell. She was also a managing partner at VectoIQ Acquisition Corp., which helped Nikola with its initial public offering (IPO).
Chan seeks to drive trucking to a future of zero emissions, which is the grand vision of Nikola.