Zero-emissions truck manufacturer Nikola Corp. said it has hired former Forward Air CEO Tom Schmitt as its chief commercial officer. Schmitt’s February departure from Forward Air came shortly after the company closed on an ill-conceived merger with Omni Logistics.
Schmitt engineered the transaction, which pitted Forward as both capacity provider and competitor to some of its freight forwarding customers. The acquisition, which shareholders alleged subverted their consent, endured months of scrutiny from investors and analysts. Facing backlash on multiple fronts, Forward even tried to exit the deal to no avail.
From the time the deal was announced in August of 2023 to a mid-May low, shares of the expedited trucking company fell nearly 90%.
At Nikola (NASDAQ: NKLA), which makes hydrogen-powered fuel cell trucks, Schmitt will be tasked with scaling the company’s business by overseeing “sales, commercial operations, dealerships, service, customer success, and marketing functions.”
“Fortifying our commercial team is crucial to our success as we focus on our customers’ experience and expanding the zero-emission Class 8 marketplace,” said Steve Girsky, Nikola president and CEO, in a news release. “Tom brings a solid track record built over the past 35-plus years that will help drive forward Nikola’s strategic and operational goals, inside and out.”
Prior to joining Forward in 2018, Schmitt was the chief commercial officer at DB Schenker. He is credited with transforming and executing the sale of Canadian natural spring water provider Aqua Terra in 2015. He has also served as CEO at Canadian parcel company Purolator and as the head of FedEx Supply Chain.
“I’ve been following Nikola for years, and it’s an honor to join this mission-driven organization with the sole goal of decarbonizing the trucking industry,” said Schmitt. “I look forward to working with the passionate Nikola team in bringing that goal to fruition.”
Schmitt joins Nikola as the company attempts to execute a financial turnaround following founder Trevor Milton’s fraud conviction. There have been several executive changes since Girsky, a former General Motors (NYSE: GM) vice chairman, arrived a year ago.