Nikola Corporation (NASDAQ:NKLA) Executive Chairman Trevor Milton has voluntarily left his role at the electric vehicle maker, the company announced early Monday. FreightWaves earlier reported the news, citing anonymous sources.

What Happened: Stephen Girsky, former Vice Chairman of General Motors Co. (NYSE:GM) has been appointed the new Chairman of the Board.

"Nikola is truly in my blood and always will be, and the focus should be on the Company and its world-changing mission, not me," Milton said.

"So I made the difficult decision to approach the Board and volunteer to step aside as Executive Chairman. Founding Nikola and growing it into a company that will change transportation for the better and help protect our world's climate has been an incredible honor."

Why It Matters: Milton has been under fire lately after Hindenburg Research published a report, claiming multiple examples of fraud at the company.

Milton has been fighting back rumors that Nikola does not currently have a functioning hydrogen fuel cell semi-truck.

Milton will remain as one of the company’s largest shareholders, but will not manage the company from now on.

Editor's Note: This story was updated to reflect a statement from Nikola.

Photo courtesy of Nikola Motors