Nikola Corp NKLA shares are trading lower Tuesday. The stock appears to be pulling back after surging Monday following a new chief operating officer announcement.

What Happened: Nikola appointed Mary Chan as COO, effective Oct. 9. Chan is set to lead several teams at the company including the engineering, program, product, supply chain and manufacturing teams.

Nikola president and CEO Steve Girsky noted that Chan’s appointment will help to streamline decision-making processes and improve the company’s engineering and manufacturing capabilities.

“I have had the pleasure of collaborating with Mary for over a decade, and I cannot think of a more qualified individual to assume the role of COO at Nikola,” Girsky said.

Chan previously served as a managing partner at VectoIQ and as president and COO of VectoIQ Acquisition Corp, a special purpose acquisition company which helped bring Nikola public. She also served as president of the global connected consumer group at General Motors Co, where she led the launch of 4G LTE connectivity across GM brands.

Chan will receive an annual base salary of $700,000, as well as 300,000 restricted stock units and 600,000 performance stock unit awards.

See Also: 5 Ways Tesla, Elon Musk Could Win From UAW Strikes Against Ford, GM, Stellantis

NKLA Price Action: Nikola shares were down 1.89% at $1.56 Tuesday morning after rising more than 33% on Monday, according to Benzinga Pro.

Photo: courtesy of Nikola.

Read More