Dive Brief:
- Taoufiq Boussaid will take over as CFO of Lucid Group, effective Feb. 25, the company announced on Jan. 28.
- He replaces Gagan Dhingra who has been the EV maker’s interim CFO since December 2023, following the departure of Sherry House. The company is promoting Dhingra to SVP of finance and accounting and he will continue to serve as chief accounting officer, reporting to Boussaid.
- Boussaid’s experience in operational transformation makes him the right fit as the company ramps up production of its Gravity SUV, Peter Rawlinson, CEO and CTO, said in the announcement. “His proven ability to align financial strategy with business objectives will be critical in scaling our operations efficiently and effectively as we prepare for the launch of our midsize vehicles,” Rawlinson said.
Dive Insight:
Boussaid joins Lucid after the automaker recently opened orders for its second vehicle, the luxury Gravity SUV, which has a starting price of $94,900 and range of over 440 miles.
Lucid said Boussaid will focus on aligning key strategic, operational and financial processes with its profit and growth objectives. He previously was group CFO of N.V. Bekaert S.A., a Belgium-based industrial steel and coatings technology company, where he directed efficiency efforts and debt reduction initiatives.
Boussaid also held leadership roles with Bombardier Transportation, United Technologies Corp., Carrier Heating Systems and Coca-Cola.
Boussaid will receive an annual base salary of $575,000 and a bonus of up to 90% of his base pay this year based on the company’s performance as well as a $2 million signing bonus and stock options, according to a regulatory filing.
As part of his promotion, Dhingra’s annual base salary will be $475,000 and he will be eligible for a bonus of 75% of his base salary this year, including a one-time bonus of $250,000, the company said in the filing.
