(Reuters) -Lucid Group has named veteran finance professional Taoufiq Boussaid as its chief financial officer, the electric vehicle maker said on Tuesday, more than a year after Sherry House stepped down from the role.
Boussaid was previously group CFO of Belgium-listed steel and coatings technology company NV Bekaert SA and contributed to reducing debt load from July 2019 to October 2024, Lucid said.
The move comes as Lucid ramps up production of the Lucid Gravity SUV in a bid to expand its customer base.
Lucid said interim CFO Gagan Dhingra will continue as chief accounting officer and be promoted to senior vice president, finance and accounting. He will report to Boussaid when the new CFO assumes the position on Feb. 25.
The EV maker, backed by Saudi Arabia’s sovereign wealth fund, is set to report quarterly results on Feb. 25.
Boussaid will receive an annual base salary of $575,000, while Dhingra will see a pay bump to $475,000 per year, the company said in a U.S. regulatory filing.
Former Alphabet executive House, who served as Lucid’s CFO since 2021 until December 2023, joined Ford Motor as vice president of finance and is set to take over the CFO role early this year.
Earlier this month, Lucid beat estimates for quarterly vehicle deliveries thanks to lower prices and cheaper financing offers aimed at driving demand.
(Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila and Maju Samuel)
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