Lucid Group (LCID.O) announced on Monday that Sherry House would be resigning from her position as Chief Financial Officer (CFO) with immediate effect to explore new career opportunities.
The renowned luxury electric car manufacturer revealed that Gagan Dhingra, currently serving as the Vice President of Accounting, would take on the role of interim CFO while they conduct a search for a permanent replacement.
Gagan Dhingra has been an integral part of the Lucid team for two years and brings with him a wealth of experience in the field of accounting and finance.
Lucid highlighted his extensive background in these areas, emphasizing his readiness to take on the responsibilities of the CFO position.
Sherry House had been serving as Lucid’s CFO since 2021, but her departure marks the end of her tenure in this role.
Nevertheless, the company announced that she would remain with Lucid in an advisory capacity until December 31.
Following this announcement, Lucid’s stock, known for its flagship luxury electric sedan, the Air, experienced a decline of approximately 4% in after-hours trading.
This news comes in the wake of Nasdaq’s recent decision to remove Lucid from its Nasdaq 100 index during its annual reshuffling.
In November, Lucid had previously indicated that it anticipated manufacturing between 8,000 and 8,500 vehicles in the current year.
This figure represented a downward revision from their earlier projection, which had initially estimated production to exceed 10,000 units.
In summary, Lucid Group’s CFO, Sherry House, has stepped down from her position, prompting the appointment of Gagan Dhingra as interim CFO while the company embarks on a search for a permanent replacement. House will remain in an advisory role until the end of the year.
This development coincides with a recent decline in Lucid’s stock and Nasdaq’s decision to remove the company from its Nasdaq 100 index.
Furthermore, Lucid has adjusted its production expectations for the year, lowering its projected vehicle output.