Summary by Moomoo AI
Nikola Corporation announced the promotion of Dirk Ole Hoefelmann as the new President of Energy, effective February 5, 2024. Hoefelmann, who has been with Nikola since October 2023 as the Global Head of Infrastructure Operations of HYLA, will replace Joseph S. Cappello. Prior to Nikola, Hoefelmann held positions at Plug Power Inc. and Air Liquide. His new role comes with an annual salary of $600,000, potential stock options, and participation in the executive equity incentive program. The employment agreement includes standard confidentiality clauses and post-termination covenants. Cappello will continue as a non-executive officer until March 1, 2024, and will receive severance as per his employment agreement. The company has also planned to enter into an indemnification agreement with Hoefelmann, who has no familial ties with company executives or material interests in transactions requiring disclosure.