Lucid Group, Inc. (NASDAQ: LCID) shares closed slightly down by 0.35% in after-hours trading at $2.7602, following the announcement of a significant executive appointment. According to an SEC 8-K filing dated January 28, 2025, Lucid has appointed Taoufiq Boussaid as its new Chief Financial Officer, effective January 29, 2025. Boussaid, who brings extensive experience from his previous roles at N.V. Bekaert S.A. and Bombardier Transportation, will assume the role following the filing of Lucid's Annual Report for fiscal year 2024.
The market's muted reaction may reflect investor caution as they assess the impact of this leadership change on Lucid's financial strategy. Boussaid's compensation package includes a $575,000 base salary, a $2 million signing bonus, and stock units valued at $10 million, indicating Lucid's commitment to securing top-tier financial leadership. Meanwhile, Gagan Dhingra, the interim CFO, will transition to Senior Vice President, Finance and Accounting, with a compensation adjustment reflecting his new role.
Investors appear to be taking a wait-and-see approach, as the stock remains near its 52-week low of $1.9300, suggesting that confidence in Lucid's strategic direction under new financial leadership is yet to be fully established.