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Nikola Corp’s Trevor Milton steps down as executive chairman By Reuters

© Reuters. CEO and founder of U.S. Nikola, Trevor Milton speaks during presentation of its new full-electric and hydrogen fuel-cell battery trucks in partnership with CNH Industrial, at an event in Turin

(Reuters) – U.S. electric-truck maker Nikola Corp ‘s (O:) founder and executive chairman Trevor Milton has stepped down, the company said on Sunday, as it battles allegations from a short-seller that it misled investors and automakers.

Milton approached the board and proposed to voluntarily step aside, and Stephen Girsky has been named as chairman, effective immediately, the company said.

Short-seller Hindenburg Research alleged the company misled investors and large automakers over its technology in a scathing report that had sent Nikola’s shares lower.

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