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Nikola Revs Up With Thomas Okray as New CFO

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Shifting Gears: A Fresh Face in the Financial Driver’s Seat

Nikola, the electric vehicle (EV) manufacturer, made waves on Monday with the announcement of Thomas B Okray, a former high-ranking General Motors executive, as its new Chief Financial Officer (CFO).

Behind the Wheel: Okray boasts over 14 years of experience at General Motors, having served in key roles such as CFO of Global Product Development and Vice President of the Fiat-GM Powertrain joint venture. His prior CFO positions at Eaton Corporation, Grainger, and Advance Auto Parts bring a wealth of financial acumen to Nikola’s team.

Nikola CEO Stephen Girsky expressed confidence in Okray, stating, β€œTom’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.”

The recent CFO shuffle at Nikola saw Girsky temporarily taking on the CFO responsibilities following the departure of Anastasiya Pasterick in November. Pasterick had taken over from Kim J. Brady, who stepped down in April.

Girsky himself is no stranger to leadership changes within Nikola, being the fourth CEO in as many years, having assumed the role in August, succeeding Michael Lohscheller.

Navigating Financial Terrain: In the past year, Nikola’s production output dipped, manufacturing a total of 38 trucks compared to 258 in the previous year. The company reported revenue of $35.8 million for the period, coupled with a gross loss of $214.1 millionβ€”significantly higher than the $86 million loss reported in 2022.

Market Movement: Nikola’s share price closed down 5% at $0.7 on Monday, according to data from Benzinga Pro.

For more insights into the future of mobility, check out Benzinga’s dedicated coverage.

Further Reading: Elon Musk sends gratitude to Tesla shareholders amidst legal proceedings regarding his $56 billion pay package.

Disclaimer: This content was created with the assistance of Benzinga Neuro and was reviewed and approved by Benzinga editors.

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