Lucid CFO bounces after Gravity SUV debut


Lucid’s chief financial officer Sherry House is leaving the company to “pursue other opportunities,” the automaker told investors on Monday.

The news comes less than a month after Lucid debuted its luxury Gravity SUV, and mere days after Nasdaq said it will bump the firm from the Nasdaq-100 index (alongside eBay and Zoom). Lucid’s stock ended regular trading down by about 2.5%, at $4.61 per share. The stock sank by more than 3% during after-hours trading, to around $4.47 per share.

House’s departure is “effective immediately,” Lucid wrote in a filing with the Securities and Exchange Commission. The company didn’t say much else regarding the cause for the leadership change, except that the decision was apparently “not the result of any disagreement.” Lucid added that accounting executive Gagan Dhingra will step up as interim CFO. 

For their trouble, the outgoing and rising execs will receive the kind of money you’d need to afford a Lucid SUV — given its expected $80,000 price tag. 

House joined Lucid in May 2021, after spending close to four years at Waymo, per LinkedIn. The executive will leave with severance, a $215,000 bonus, accelerated stock vesting and a company vehicle.  

Dhingra joined Lucid in December 2021 and previously led accounting at financial software developer Anaplan. With the new interim role, Lucid said it’ll grant Dhingra $500,000 in stock as well as bonuses and a $25,000 monthly stipend. 

Reached by TechCrunch, Lucid declined to comment beyond the statement in its Monday SEC filing.



Source link

Leave a Reply