Lucid’s Investor Relations Chief Exits in Latest Executive Departure

Lucid Motors recorded another high-level departure on Friday with the Head of Investor Relations Maynard Um announcing his exit from the US electric vehicle maker.

The departure marks the eleventh executive to leave the company since late 2023—or the twelfth if including CEO and CTO Peter Rawlinson, who stepped down in February and transitioned to a strategic advisory role.

Um, who joined the Newark-headquartered EV maker in March 2022 after nearly two years as investor relations lead at Tesla, announced his exit on Friday after overseeing the IR department for more than three years.

Lucid, which went public in July 2021 through a merger with Churchill Capital IV Corp. that raised $4.5 billion, said in February that it had “initiated a search to identify Lucid‘s next Chief Executive Officer with the support of a leading executive search firm.”

Over the last three years, Lucid‘s stock price has plunged about 86% from $19 to $2.5 over consecutive missed guidance for vehicle sales.

On May 13, 2021, the EV maker estimates to sell 90,000 units in 2024. Last year’s delivery numbers stood at 10,241 vehicles, meaning it achieved 11.38% of the target set three years earlier.

Since October 2023, the company has seen the departure of two other C-suite executives, two senior vice presidents, five vice presidents, and the heads of its European operations and investor relations.

The company last week appointed four new senior executives. Akerho “AK” Oghoghomeh, a former Beyond Meat and Red Bull executive, was named Senior Vice President of Marketing, while Jason Ryska became Vice President of Global Manufacturing Engineering.

Dr. Kay Stepper was appointed Vice President of Advanced Driver-Assistance Systems and Autonomous Driving, and Adrian Price was named Senior Vice President of Operations.

Below is a list of known senior executive departures from Lucid since late 2023:

Below is the full statement shared by Maynard Um on LinkedIn.

“Today was my last day at Lucid. It’s been a privilege for me to have built and led the Investor Relations function at Lucid for the past 3+ years.

Building the function from the ground up and being able to have an impact by taking on many projects outside the function was incredibly rewarding.

But today I want to take a moment to talk about what I’m most proud of – the relationships. I’m fortunate that, in my role, I was able to work with such incredible people at Lucid, on Wall Street, and in the industry.

I want to thank all the great people at Lucid, past & present – working with you has been the most rewarding part of my time at the company. I learned so much from you and I’ve truly appreciated the collaboration, support, and camaraderie we’ve shared.

Whether it was navigating earnings, prepping for roadshows, raising capital, tracking the unexpected, I always felt fortunate to be working alongside such smart, dedicated, and thoughtful people. Thank you for sharing your domain expertise with me and humoring me when I wanted to dive deep into your business (which was always).

To all the sell side analysts/partners and buy side investors I’ve worked with, I want to extend my sincere thanks for the engagement, dialogue, and partnership over the past 3+ years. It’s been a privilege to work with you and share in the ongoing Lucid story – what a journey!

Having come from a lengthy sell-side background in my past life, I have a deep appreciation for the work you do and the challenges that come with it – which made working with all of you especially meaningful. I’ve truly appreciated the thoughtful questions, rigorous analysis, and the respectful dialogue that have defined our interactions.

Your perspective played an important role in how the story was told and I’m grateful for the professionalism and diligence you consistently brought to our conversations.

I’m excited for what’s ahead but wanted to take this moment to appreciate all the people who made the last few years so meaningful. I wish you all continued success and look forward to when our paths cross again!”