On Friday, electric truck maker Nikola said that Chief Financial Officer Anastasiya Pasterick would resign to “pursue other opportunities” less than a year after joining the loss-making company. The Phoenix-based company expects to wrap up its search for a new CFO soon, and Pasterick will assist with a transition through Dec. 1. Key financial leaders will report to CEO Stephen Girsky in the interim.
Shares of Nikola and other electric-vehicle makers had dropped significantly since late last year when a burst of enthusiasm sent their stocks rocketing up. Those gains were erased as concerns about the companies’ business plans and the potential for fraud weighed on investors.
Nikola shook up its leadership in the spring, firing its chairman and naming a replacement who sought to turn the company toward less volatile business activities. The firm also canceled a 2023 launch of its marquee hydrogen fuel cell electric pickup truck, the Badger. The firm is losing money and has shifted its focus to a fleet of 60,000 battery electric vehicles it plans to operate in the United States.
The move comes as the company tries to navigate challenging market conditions, with major EV companies like Tesla and Ford Motor delaying some factory buildouts because of economic worries. The company recently posted a more comprehensive loss for the third quarter after it suspended sales and recalled all its battery-electric heavy-duty trucks after discovering a coolant leak that caused fires in the vehicle’s batteries.
Kirkhorn joined the company in 2010 as a senior analyst and worked through the finance department to become an executive director. He took on the role of CFO in 2018, succeeding Vaibhav Taneja. He remained in that role through the latest corporate scandals and turmoil that shook Tesla’s top ranks.
Earlier this week, the Securities and Exchange Commission and the Justice Department were investigating whether Nikola’s founder, Trevor Milton, misled investors about the status of his company’s hydrogen and battery electric semi truck development. The company pushed back against the claims, saying it has made significant technological progress and is working to produce multiple types of vehicles.
Nikola’s stock has climbed more than 70% since the startup struck its deal to list in March last year. But the market for high-risk stocks has cooled since then, and Nikola’s shares have been among those most punished by concerns about the company’s future.
