Nikola Stock Soared 34% After Announcing New COO

Nikola stock climbed double-digits Monday after the electric truck start-up announced a new addition to its leadership team.

Nikola (ticker: NKLA) appointed Mary Chan as chief operating officer. Chan previously served as a managing partner at advisory firm VectoIQ, where she helped with the public launch of Nikola, according to the company. She also previously held roles at General Motors (GM) and Dell (DELL). She will step into the role on Oct. 9.

“Mary brings a solid understanding of business, combined with extensive experience in technology and transportation, spanning both engineering and management,” said CEO Steve Girsky, who also serves as managing partner of VectoIQ.

Shares of Nikola advanced 34% to $1.67 on Monday after the news. The stock is down 26% on the year.

Last week, management said the company should begin delivering its hydrogen fuel-cell heavy-duty trucks in late September and early October.