On the Dash:
- Lucid names new CFO Alexander De Bock, replacing Taoufiq Boussaid amid broader leadership overhaul
- Company adds four more executives as it moves to simplify structure and sharpen accountability
- Q2 deliveries missed estimates, deepening pressure after 38% stock decline this year
Lucid Group has overhauled its executive leadership, naming a new chief financial officer and several other top executives as the struggling electric vehicle maker looks to tighten accountability and improve execution, Reuters reported.
Alexander De Bock will take over as CFO. He spent more than two decades in automotive finance, including a stint as CFO of TI Automotive, where he led a turnaround focused on cost cuts and financial discipline.
Lucid also named Raja Ramana Macha as chief technology officer. He most recently served as CTO at Eaton, where he led global innovation efforts across several sectors, including automotive, Lucid said.
Lucid named several other executives. Billy Hayes will serve as chief customer officer. Hugo Martinho will become chief transformation officer starting August 1. Kay Stepper will lead Lucid Technologies as president and serve as chief digital officer. Christian Appel was promoted to vice president of program management.
The changes follow the exit of Chief Operating Officer Marc Winterhoff last week. Winterhoff had served as interim CEO for more than a year before Silvio Napoli took over in April.Â
The moves come after the electric vehicle maker missed second quarter delivery estimates. The Newark, California-based automaker produced 4,774 vehicles and delivered 3,953 vehicles for the quarter ended June 30. Analysts had expected 4,618 deliveries and 5,280 vehicles produced Reuters reported.
Shares fell 2.3% following the announcement and are down about 38% this year.
The company suspended its 2026 production forecast in May pending a business review. The company has cut its workforce twice this year and streamlined its supply chain to conserve cash.
Lucid will report second-quarter financial results on Aug. 4.
