The synthesis of two nickel hydride complexes bearing the pyrrolederived phosphine ligand Cy PN H (2-(dicyclohexylphosphino)methyl-1H-pyrrole) was developed, namely, (κ P -Cy PN H )(κ P ,κ N -Cy PN)NiH and the acid-stable trans-(κ P -Cy PN H ) 2 Ni(OAc)H•HOAc. (κ P -Cy PN H )(κ P ,κ N -Cy PN)NiH stoichiometrically reduces benzaldehyde and acetophenone in a metal−ligand cooperative manner and catalytically dimerizes ethylene and cycloisomerizes 1,5-cyclooctadiene and 1,5hexadiene. trans-(κ P -Cy PN H ) 2 Ni(OAc)H•HOAc, available from the protonation of (κ P -Cy PN H )(κ P ,κ N -Cy PN)NiH with acetic acid, catalyzes the cycloisomerization of 1,5-cyclooctadiene more effectively and produces the less thermodynamically favored cycloisomers of 1,5-cyclooctadiene.