Lucid has hit another bump in the road with a notable change in its leadership. Chief Financial Officer (CFO) Sherry House has stepped down from her position, effective immediately. House, who assumed the role of CFO in May 2021, says she is leaving the company to pursue other opportunities.
“There is so much exciting innovation happening at Lucid, and I look forward to watching the company continue to grow and achieve new milestones. It was an honor to work with Peter and the Lucid team,” House said in a statement.
In a press release announcing House’s departure, Lucid said she will remain available to the company in an advisory role until December 21, 2023.
Gagan Dhingra, Lucid’s Vice President of Accounting and Principal Accounting Officer, steps in as interim CFO and Principal Financial Officer. Lucid explained Dhingra’s role will continue until a suitable replacement is found.
“I want to thank Sherry for her contributions to the company during her tenure. She was a key member of our leadership team and a critical player during major corporate moments, including Lucid’s public listing in 2021, the production and delivery of Lucid Air, and the recent unveiling of Lucid Gravity. We wish Sherry the best of luck in her next chapter,” said CEO Peter Rawlinson.
Before her role at Lucid, House spent three years at Waymo, where she held various positions, including Director, Head of Business & Corporate Finance, and Corporate Development Officer/Director.
The shake up of Lucid’s leadership comes at a time when the company is still struggling to produce and sell its cars. Lucid has cut its production guidance several times this year, saying last month it now expects to produce between 8,000 and 8,500 cars in 2023, down significantly from its original guidance of as many as 14,000 vehicles. Lucid’s production facility, known as AMP-1, in Casa Grande, Arizona has an annual production capacity of 155,000 cars per year.
The company also recently opened its second manufacturing facility, AMP-2, this time in Saudi Arabia, home of their largest shareholder. However that facility is not actually building cars from the ground up yet, instead assembling pre-built kits shipped over from Arizona.