Lucid Motors has announced that its chief financial officer, Sherry House, is leaving the company to explore new opportunities, according to a filing with the Securities and Exchange Commission. This news comes just weeks after Lucid unveiled its luxurious Gravity SUV and shortly after the announcement by Nasdaq that Lucid will be removed from the Nasdaq-100 index. Following the announcement, Lucid’s stock experienced a slight decline, with a drop of approximately 2.5% during regular trading.
Key Takeaway
Lucid Motors’ chief financial officer, Sherry House, is leaving the company to pursue other opportunities. The reasons behind her departure have not been disclosed. Gagan Dhingra will take over as interim CFO. The leadership change comes shortly after the release of Lucid’s Gravity SUV and the removal of the company from the Nasdaq-100 index.
Leadership Change
Sherry House’s departure as CFO is effective immediately, although the company has not provided any specific reasons for the change. Lucid stated that the decision was not the result of any disagreement. Gagan Dhingra, Lucid’s accounting executive, will step in as interim CFO. House joined Lucid in May 2021, after working at Waymo for nearly four years. She will receive severance pay, a bonus of $215,000, accelerated stock vesting, and a company vehicle as part of her departure package.
The Rise of Gagan Dhingra
Gagan Dhingra, who joined Lucid in December 2021, previously held a leadership role in accounting at financial software developer Anaplan. With his new interim position, Lucid has announced that Dhingra will be granted $500,000 in stock, in addition to bonuses and a monthly stipend of $25,000.
When approached for comment, Lucid declined to provide further information beyond what was mentioned in the statement submitted to the SEC.
