Lucid shares plunged over 8% on Thursday after the Saudi-backed EV maker reported a second-quarter delivery miss and unveiled the deepest overhaul of its senior ranks since founder Peter Rawlinson stepped aside last year.
The company announced six leadership appointments, promoted a manufacturing executive to a new program role, and revealed the exit of Chief Financial Officer Taoufiq Boussaid.
The Saudi-backed EV maker’s move extends a run of C-suite turnover that has now claimed the chief operating, engineering/software, and finance leaders in the space of four weeks.
Lucid‘s stock had rallied more than 15% late last month on the back of cost-cut expectations and progress toward the company’s third model, gave back part of those gains in early trading.
As of press time, the stock was trading 8.7% lower at $6.03.
A Team Rebuilt in Weeks
CEO Silvio Napoli, who took over on June 1 after first being appointed in April, framed the reshuffle as the second phase of a restructuring that began last week with the elimination of roughly 18% of Lucid‘s US workforce.
“We are simplifying the organization, strengthening leadership, enforcing accountability and aligning our structure with the priorities that matter most: customers, quality, and innovation,” Napoli said in a statement.
“The caliber of leaders who are joining the Lucid leadership team is a testament to the inherent value of our business and to the exciting prospects ahead of us. We are building a new team who will transform the company.”
Six appointments were disclosed on Tuesday.
Alexander De Bock will join as Chief Financial Officer, arriving from TI Automotive, where he served as CFO through a turnaround focused on cost transformation and restructuring.
Raja Ramana Macha will take over as Chief Technology Officer after serving as Executive VP and CTO at Eaton, with responsibility for engineering execution and technology strategy.
Billy Hayes joins as Chief Customer Officer effective immediately, taking enterprise accountability for sales, service and marketing, plus regional P&L for the US, Middle East and Europe. He arrives with more than 25 years of senior experience at Nissan and Stellantis.
Hugo Martinho becomes Chief Transformation Officer effective August 1, moving over from the Schindler Group — Napoli’s former employer — where he most recently ran global HR.
Martinho will oversee a new Lucid Business Process function.
Kay Stepper, a Bosch and Qualcomm veteran, has been named President of Lucid Technologies and Chief Digital Officer, with accountability for robotaxis, AI, autonomy, ADAS and enterprise IT.
Lucid Technologies will operate as a distinct business unit focused on partnerships in what the company called a “high growth, fast changing sector.”
Christian Appel, who joined Lucid in April 2025, has been promoted to Vice President, Program Management, with responsibility for platform program delivery.
The CFO Exit
The most consequential departure sits at the top of the finance function.
Taoufiq Boussaid, appointed CFO last year, will leave the company “following a handover to his successor” and will support Lucid through its second-quarter results, the company said.
“We thank Taoufiq for his important contributions and wish him continued success,” Napoli said.
His exit removes the executive who signed off on Lucid‘s most recent capital raise — the $1.05 billion package assembled in April, comprising a 550 million convertible preferred stock investment from PIF affiliate Ayar Third, an additional
$200 million from Uber, and a $300 million public offering.
That raise had lifted pro forma liquidity to roughly $4.7 billion when combined with an expanded delayed-draw term loan facility from the Saudi Public Investment Fund.
The fund has now committed approximately $9.55 billion to Lucid across seven distinct funding phases since 2018.
A C-Suite Cleared in Four Weeks
Boussaid’s departure is the third senior exit in a month.
Software chief Emad Dlala left in June, removing the leader responsible for the vehicle software stack across the Air and Gravity programs at a moment when Lucid is preparing to launch its first sub-$50,000 mass-market model, internally referred to as Cosmos.
Chief Operating Officer Marc Winterhoff was pushed out last week, ending an eight-year association with the company that dated back to his consulting work at Roland Berger.
Lucid confirmed his exit on June 22, “effective immediately following the elimination of the Chief Operating Officer position,” and said Winterhoff was eligible for severance under the company’s Executive Severance Plan, along with continued security support and use of his company vehicle.
Winterhoff had run Lucid as interim CEO for roughly 15 months before Napoli’s arrival, then returned to the COO seat for barely three weeks before being removed.
By EV‘s count, his departure was the 15th at C-level, senior vice president or vice president since October 2023 — a turnover that has now cycled through nearly the entire senior team assembled under Rawlinson.
Layoffs
Lucid said the restructuring reduces the number of executives reporting directly to the CEO by half while introducing several new appointments across finance, technology, customer operations and transformation.
Last week, EV exclusively reported that Lucid cut 18% of its US workforce — the fourth formal layoff since 2023 and the second this year.
The round was the first to sweep in hourly production workers, eliminating the second shift at Casa Grande.
A state filing showed 705 of those jobs are at the Arizona plant.
Lucid said the cuts would save approximately $158 million annually. The company is also weighing a reduction of up to 40% in its European operation.
The Stock Backdrop
Thursday’s slide followed a volatile stretch for the shares.
The company’s stock traded as low as $4.47 last month — equivalent to $0.447 on a pre-reverse-split basis — a level that took Uber’s paper losses on its $500 million Lucid investment to roughly 65%.
The stock recovered to $5.92 by late June, a 15% single-session jump that came as investors weighed the announced layoffs against continued production progress on the Cosmos program.
Lucid‘s market capitalization now sits close to $2 billion, roughly a fifth of PIF’s cumulative invested capital and about 99% below the peak the stock touched in early 2021.
The shares remain in the same range that prompted the company’s 1-for-10 reverse stock split in August 2025, when Winterhoff — then interim CEO — publicly dismissed suggestions that the move was driven by delisting risk.
What Napoli Is Buying
The new leadership team skews toward operators from mature industrial businesses rather than Silicon Valley or legacy Detroit.
De Bock, Macha and Martinho each spent decades inside global industrial groups — TI Automotive, Eaton and Schindler — where the disciplines Napoli has emphasized publicly, cost transformation and process integration, are core competencies.
Hayes, from Nissan and Stellantis, is the closest thing to a traditional automotive hire in the group.
The Lucid Technologies carve-out, with Stepper at the helm, formalizes a structural split between the vehicle business and the robotaxi and autonomy programs tied to the Uber and Nuro partnerships.
The new team will assemble at Lucid‘s headquarters and manufacturing hubs, with what the company called “the resolve to foster closer collaboration, faster decision-making and a more integrated operating culture.”
