Nikola CFO resigns after 6 months in role

Anastasia Pasterick is resigning as CFO of Nikola Corp. after just six months in the role. (Photo: Nikola Corp.)

Anastasia Pasterick is resigning as CFO of Nikola Corp. after simply six months within the function. (Photograph: Nikola Corp.)

Nikola Corp. Chief Monetary Officer Anastasia “Stasy” Pasterick is leaving the function after simply six months, the third senior chief to depart the beleaguered electrical truck maker since August.

CEO Michael Lohscheller and Nikola President of Vitality Carey Mendes each give up in August.

Pasterick labored at Nikola underneath former CFO Kim Brady, who retired in April. She was on the workforce that led Nikola public through a reverse merger with particular function acquisition firm VectoIQ in June 2020. She is leaving to pursue different alternatives.

Nikola filed an 8-Ok asserting her departure with the Securities and Change Fee on Friday. The submitting stated Pasterick submitted her resignation on Monday. She stays within the CFO function till Dec. 1. Nikola stated it “expects to conclude a seek for a substitute in brief order.”

Govt churn accelerated after Girsky turned CEO

Former Normal Motors Vice Chairman Steve Girsky, who led the SPAC merger as VectoIQ managing director and served for 3 years as chairman, turned the corporate’s fourth CEO in 4 years in August. He’ll oversee monetary affairs till the naming of a brand new CFO.

In September, Girsky employed Mary Chan, one other former GM govt and a colleague from VectoIQ, as Nikola’s first chief working officer. Chan’s hiring and the elevation of board member Steve Schindler to chairman put the important thing gamers within the SPAC in cost from the boardroom to the manufacturing unit. Schindler is CFO of VectoIQ.

Firm faces quite a few monetary challenges

Nikola faces a variety of monetary challenges because it launches gasoline cell electrical vans this quarter. Money is tight. The corporate’s inventory value closed Friday at $1.04, and Nikola is footing your entire $61.8 million value of recalling fire-prone battery-electric vans. The corporate expects to start returning repaired vans to prospects within the first quarter.

Nikola misplaced $425.8 million, or 50 cents a share, within the third quarter. That in comparison with a lack of $236.2 million, or 54 cents, a 12 months in the past. Nevertheless, following the current doubling of licensed shares, Nikola had 857.2 million excellent shares in comparison with 438.4 million a 12 months in the past.

The corporate improved its money and equivalents to $362.8 million, principally by means of the gross sales of latest fairness. The cash is enough to cowl the recall expense and run the enterprise into 2024,  Pasterick informed analysts on a Nov. 2 name.

Nikola stated in a authorities submitting in February that it could run out of cash within the subsequent 12 months and need to “modify or terminate” its enterprise.

Associated articles:

Nikola electrical truck recall price ticket $61.8 million

Newest rent places Nikola’s SPAC sponsors in full management

Nikola’s vitality president resigns

Click on for extra FreightWaves articles by Alan Adler.

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