Written by Cláudio Afonso | LinkedIn | X
Lucid Motors disclosed in a regulatory filing on Tuesday that its former Chief Executive Officer and Chief Technology Officer, Peter Rawlinson, will receive a monthly payment of $120,000 for a 24-month consulting term following his departure as CEO.
Under the transition agreement, Rawlinson will also receive a Lucid vehicle, company-paid COBRA health insurance premiums, and up to $10,000 annually for tax preparation services in 2025 and 2026, with an additional true-up payment to cover personal income taxes related to the benefit.
Additionally, he will be granted a supplemental restricted stock unit (RSU) award valued at $2 million, vesting in three equal installments over a two-year period through February 2027.
Rawlinson joined Lucid 12 years ago and has served as the company’s chief executive over the last 6 years. Shares of the EV maker are falling 7% on Wednesday’s pre-market after Bank of America slashed the price target on the stock to $1 from $3.
Lucid’s Statement
“The Company has entered into a transition agreement with Mr. Rawlinson (the “Transition Agreement”). Subject to the terms of the Transition Agreement, Mr. Rawlinson will be entitled to receive: (i) a monthly payment of $120,000 for services rendered during the 24-month consulting term (the “Consulting Term”), (ii) a Lucid vehicle, (iii) Company-paid COBRA health insurance premiums, (iv) in each calendar year of 2025 and 2026, a payment of up to $10,000 for tax preparation services (including an additional true-up payment equal to the amount of personal income tax due in connection with such payment), and (v) a supplemental restricted stock unit grant for that number of shares having an aggregate grant date fair value of $2,000,000, which will vest in three equal installments over a 24-month period on the following dates: (A) February 21, 2026, (B) August 21, 2026, and (C) February 21, 2027”
Leadership Transition
Lucid announced earlier on Tuesday that Rawlinson will serve as a Strategic Technical Advisor to the Chairman of the Board, while Chief Operating Officer Marc Winterhoff has been appointed Interim Chief Executive Officer. The company’s board has started a search for a new CEO with the support of an executive search firm.
Executive Changes
Since October 2023, Lucid has seen the exit of nine senior executives, including two C-level officers, a senior vice president, and five vice presidents, along with its head of European operations.
Late last year, Vice President of Marketing and Communications Andrea Soriani left to rejoin Maserati as General Manager for North America.
Peter Rawlinson statement
“Now that we have successfully launched the Lucid Gravity, I have decided it is finally the right time for me to step aside from my roles at Lucid,” the former CEO said.
“I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past twelve years. We grew from a tiny company with a big ambition, to a widely recognized technological world leader in sustainable mobility. It has been my honor to have led and grown this remarkable, truly world-class organization, because Lucid has always been first and foremost about a team effort. The time has now come for me to hand the baton to that very team.
I would like to take this opportunity to thank everyone at Lucid, our partners, and the Public Investment Fund for their steadfast support. Serving Lucid has been the privilege of a lifetime and I look forward to continuing to contribute as Strategic Technical Advisor to the Chairman of the Board. I am delighted to remain part of the Lucid family to support the continued success and growth of the company.”
