Thomas B. Okray Named Chief Financial Officer of Nikola Corporation

PHOENIX – March 4, 2024 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced the appointment of an accomplished and highly regarded financial executive, Thomas “Tom” B. Okray, who has joined the company’s executive team as Chief Financial Officer (CFO).

“We are proud to welcome Tom as our CFO. Attracting someone of his caliber is a testament to the exciting journey Nikola is on,” said President and CEO, Stephen Girsky. “Tom’s depth of financial expertise, cultivated over four decades, will play a crucial role as we expand our supply base and profitably scale our business. Tom will not only complete our executive team, but also help to solidify our foundation for success as we continue to reshape the trucking industry and drive decarbonization forward.”

This marks Okray’s fourth tenure as CFO of a public company. Previously Okray served as Executive Vice President (EVP) and CFO at Eaton Corporation, an intelligent power management company that provides solutions across the propulsion spectrum, Senior Vice President (SVP) and CFO at Grainger, and EVP and CFO at Advance Auto Parts. Okray also held various executive and CFO roles at General Motors over a 14 plus year period, including extensive time in product development. His expansive career has taken him around the world, with stints in Germany, Italy, Poland, and Korea, and considerable time spent in China, India, and Brazil.

“I have traveled the globe over the past 40 years and worked with cutting-edge technologies across various vehicles. Scaling the zero-emissions technology at Nikola is something I want to be a part of,” said Okray. “My connection with some of Nikola’s leadership spanning decades made the decision even more natural. I believe in Nikola’s mission and what they are working to do in the trucking and energy sectors and am excited to join the company and contribute in any way possible.”

ABOUT THOMAS B. OKRAY

Thomas “Tom” B. Okray serves as Chief Financial Officer (CFO) of Nikola Corporation.

Okray joined Nikola from Eaton, where he held the position of EVP and CFO. He also served as SVP and CFO of Grainger and as EVP and CFO of Advance Auto Parts. Prior to that role, he held Vice President positions at Amazon.

At General Motors, Okray started as a Senior Analyst and eventually rose to the position of CFO of Global Product Development, Purchasing and Supply Chain. In this capacity, he provided financial leadership for research and development, engineering operations, procurement, supply chain, capital, future portfolio strategy, future vehicle and powertrain projects, and third-party alliances. Okray also served as CFO of Global Product Development, Executive Director of Product Development in Asia and Europe, and Vice President of the Fiat-GM Powertrain joint venture, among other positions at Opel.

Okray serves on the board of directors of Flowserve Corporation (NYSE:FLS), The Cleveland Orchestra, and The City Mission.

Okray is a graduate of Michigan State University, with a bachelor’s degree in chemical engineering. He earned a Master of Business Administration (MBA) with concentrations in finance, statistics, production and operations, and business policy from the University of Chicago.

ABOUT NIKOLA CORPORATION

Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming transportation and over-the-road freight services. With our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, we are driving the advancement of the complete hydrogen refueling ecosystem. This encompasses supply, distribution, and dispensing, reflecting our commitment to sustainable practices and a cleaner future.

Nikola is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona. 

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or X @nikolamotor.

FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to: the Company’s beliefs regarding the potential benefits of Mr. Okray joining the Company’s executive management team; Mr. Okray’s ability to help expand the Company’s supply base and profitably scale our business; Mr. Okray’s role in solidifying the Company’s foundation for success as it works to reshape the trucking industry and drive decarbonization forward; and Nikola’s position at the forefront of a transformative industry. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s annual report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”), in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

NIKOLA MEDIA CONTACT
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