Lucid has appointed Neil Laverty, a former Deloitte principal who spent two years at the Securities and Exchange Commission (SEC), as Chief Accounting Officer, filling a post left open since August, the EV maker’s quarterly report showed.
The board made the appointment on November 5, effective on Tuesday, November 10, according to the filing Lucid submitted on Monday with its third-quarter results.
Laverty also becomes the company’s principal accounting officer and reports to Chief Financial Officer Alexander De Bock.
Laverty has been a Principal at Deloitte since August 2012, “specializing in accounting and reporting transformation in the technology, media, and telecommunications industries,” the filing said.
From May 2010 to August 2012 he was a Professional Accounting Fellow in the SEC’s Office of the Chief Accountant, the office that advises the regulator on accounting and auditing matters. He had earlier held positions at Deloitte from 1998 and has a Master of Arts degree from the University of Cambridge.
His LinkedIn profile gives more detail. The executive says that worked on “IPOs, secondary offerings, and private placements, acquisitions and divestitures, and adoption of new accounting standards.”
At the SEC, the profile says, he served as “a consultation resource” on revenue recognition, leasing, business combinations and long-lived assets under both U.S. and international accounting standards.
The Package
Laverty will receive a base salary of $500,000, a target annual incentive of 75% of salary from 2027 and a cash signing bonus of $50,000, according to the filing.
His initial equity awards have a target value of $1.75 million. Of that, $700,000 is in restricted stock units that vest over four years, with a quarter vesting after one year and the rest in 12 quarterly installments. The other $1.05 million is in performance-based units.
He is also entitled to relocation support, which is earned if he completes a year at the company, and is eligible for Lucid’s executive severance plan.
The filing does not give the conditions attached to his performance units. On the same day as his appointment, Lucid granted De Bock and Chief Executive Officer Silvio Napoli performance units that vest only if the company’s market value reaches hurdles of $3.5 billion to $8.0 billion, according to separate filings.
A Post Open Since August
Laverty takes over a designation last held by Gagan Dhingra, the Senior Vice President of Finance and Accounting, who left Lucid on August 14. That left the principal accounting officer role without a named holder for 88 days.
Dhingra had held the designation since December 2021 and served as interim Chief Financial Officer from December 2023 to February 2025. Under a separation agreement, Lucid let him keep his company vehicle and waived certain tuition repayment obligations, it said in August.
The quarterly report filed on Monday was signed by De Bock as Chief Financial Officer.
A Rebuilt Finance Team
Laverty is the latest addition to a finance function that has changed almost entirely since the summer.
De Bock was named on July 2 and took up the post in August, succeeding Taoufiq Boussaid. Boussaid is staying as a Senior Advisor through December 31 on a monthly salary of $10,000, under a transition agreement signed in September.
Mike Molino joined as Vice President of Finance in August from Mercedes-Benz Research & Development North America, and Monday’s call introduced a new head of investor relations.
“Recent appointments strengthen our commercial and finance teams with deep domain expertise,” Napoli told analysts on Monday.
De Bock, on his first earnings call, set out his own priorities. “My focus is on establishing sustainable processes, improving transparency and driving disciplined cash management and capital allocation,” he said.
What He Inherits
The accounting function Laverty joins has had a heavy year. Lucid has written down $1.11 billion of inventory and supplier commitments in five quarters, including $93.7 million in the third quarter, and reported a stockholders’ deficit of $2.10 billion at the end of September.
The company’s lender will also want more reporting. The amendment that added $1.75 billion to Lucid’s loan from an affiliate of Saudi Arabia’s Public Investment Fund, signed on the day Laverty was appointed, requires a 12-month cash flow forecast every month from January 2027, certified by a financial officer.
Lucid’s headcount has fallen to 7,700 from 10,600 at the end of the first quarter, Napoli said on the call. The company announced an 18% layoff last June when it cut one production shift at its Saudi plant to match output with demand.
