Nikola Names Ex-GM Executive as New CFO

Nikola Corporation (NASDAQ: NKLA) is a company involved in the manufacture of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles and energy solutions. The company recently appointed Thomas Okray as its new chief financial officer.

This position had been temporarily filled by the Nikola CEO and president Steve Girsky after then-CFO Anastasiya Pasterick resigned in December 2023. Pasterick moved on to Universal Hydrogen, which is focused on offering hydrogen-powered, electric-fuel-cell powertrains for commercial aircrafts.

Okray has extensive experience in the automotive industry, having served as CFO for three other companies in the same industry, the first being Advance Auto Parts, where he also held the position of EVP. At Grainger, Okray held the positions of CFO and senior vice president. At Eaton Corp, he held the position of CFO as well as executive vice president. Eaton Corp is a power-management company that offers solutions across the propulsion spectrum. In addition, Okray held a range of CFO and executive roles at General Motors for more than a decade.

Okray’s extensive four-decade career has taken him to different corners of the globe, including Italy, Germany, Korea and Poland, as well as Brazil, India and China. It has also enabled him to work with cutting-edge technologies across different vehicles.

Following his appointment, Okray stated that he believed in Nikola’s mission and its work in the trucking and energy sectors. He added that he was excited to join the company and contribute in any possible way.

Girsky stated that Nikola was proud to welcome Okray, noting that attracting an individual of his calibre was a testament to the exciting journey the company was on. He added that Okray’s depth of financial expertise cultivated over more than 40 years would play a significant role as the company worked toward profitably scaling its business and expanding its supply base.

Girsky then noted that Okray would complete the company’s executive team and also help solidify its foundation for success as it continued to drive decarbonization forward and reshape the trucking industry.

One of Okray’s primary tasks will be decreasing the truck manufacturer’s cash burn as the production of its hydrogen-fuel-cell electric truck increases. Last year, the company reported a loss that neared $1 billion in its fourth quarter. Despite this, Nikola has enough funds on hand after it managed to raise a little more than $230 million in funding in the last quarter of 2023.

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