Dive Brief:
- Electric vehicle startup Lucid Group said Monday that then-CFO Sherry House had resigned from her position, effective immediately.
- Gagan Dhingra, vice president of accounting and principal accounting officer, will serve as interim CFO, effective immediately.
- The news comes weeks after the company unveiled its Gravity SUV and days after the automaker was removed from the Nasdaq-100 Index, which includes the largest nonfinancial companies on the Nasdaq stock exchange.
Dive Insight:
House’s departure is the latest leadership shakeup at Lucid. In November, the automaker named Marc Winterhoff its first-ever chief operating officer, effective Dec. 4.
The fledgling automaker has struggled this year, losing about 75% of its value since January. In November, Lucid lowered its full-year production guidance from 10,000 vehicles to 8,000-8,500 vehicles as it reduced production to align with declining Lucid Air sales.
According to a company filing with the U.S. Securities and Exchange Commission, House “will be available in an advisory role” through Dec. 31 to help transition her responsibilities. In the filing, Lucid said House’s “departure is not the result of any disagreement” with auditors or the company’s board of directors.
"I want to thank Sherry for her contributions to the company during her tenure," Lucid CEO and CTO Peter Rawlinson said in a statement Monday. "She was a key member of our leadership team and a critical player during major corporate moments, including Lucid's public listing in 2021, the production and delivery of Lucid Air, and the recent unveiling of Lucid Gravity. We wish Sherry the best of luck in her next chapter."
The former CFO, who previously served as CFO of Alphabet’s autonomous driving unit Waymo, will also receive severance, a $215,000 bonus, accelerated stock vesting and $12,500 for tax preparation. She will also keep her company vehicle.
As part of his interim CFO appointment, Dhingra will get $500,000 in stock, an initial $68,000 bonus, $50,000 quarterly bonuses and a $25,000 monthly stipend.
