Nikola Corporation has rejected a group of ‘dissident’ board nominees put forward by the firm’s former CEO and founder, Trevor Milton.
Mr Milton was sentenced to prison last December for defrauding investors.
Go deeper with GlobalData
In a statement, Nikola said that last month it had received a notice from M&M Residual, LLC, Mr Milton’s entity, declaring its intent to nominate a slate of five directors for its eight-member board.
These nominees were Cole Cannon, Derek Johnson, Hans Peterson, Paul Southam and Dave Sparks.
On its decision to reject the proposed members, the electric truckmaker said: “The director nominees have no public company experience, add no skills or experience to the board, and indisputably lack the depth of experience that the current Nikola board members bring to the company.”
It added that it “continues to suffer harm created by Mr Milton’s business decisions from over three years ago in his role as Founder and Executive Chairman.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataNikola is currently pursing legal avenues to recover $165 million that was awarded to it in 2023 after its former CEO was found liable in an arbitration with the firm.
In its statement, Nikola concluded: “Mr Milton is separated from the company entirely and has had zero involvement in Nikola’s day-to-day operations since September of 2020.”
