Nikola Corp. said Chief Executive Officer Mark Russell will step down at the end of the year and be replaced by an executive who joined the electric-truck maker earlier this year.

Russell will remain on the board following his Jan. 1 departure, the company said Wednesday in a statement. Michael Lohscheller, who was named president of Nikola Motor in February, will join the board immediately and take over as CEO when Russell vacates the role.

Shares of Phoenix-based Nikola rose 2.6% as of 8:15 a.m. before regular trading in New York. The stock fell 29% this year through Tuesday’s close.