Electric vehicle maker, Lucid Group (NASDAQ:LCID) announced Monday that CFO, Sherry House will be stepping down from her position effective immediately.
As of December 11, 2023, Gagan Dhingra, who currently serves as Lucid's Vice President of Accounting and Principal Accounting Officer, will assume the position of Lucid's interim Chief Financial Officer and Principal Financial Officer while the company searches for a permanent replacement.
While this situation raises concerns among investors and is likely to result in a decline in the stock's opening, analysts believe that House is exploring alternative prospects, and the company remains well-managed.
CEO Peter Rawlinson has traditionally been the main point of interest for investors. As the Chief Technology Officer and a prominent figure in recruitment and brand promotion, Rawlinson has been pivotal in the public eye.
Dhingra's extensive experience is expected to steer the company forward, particularly during this transitional phase.
Lucid ended trading Monday afternoon down 2.54%, which dipped notably after news broke that the stock would no longer be part of the NASDAQ-100.
The NASDAQ-100 undergoes annual reorganization in December, coinciding with the quadruple witch expiration Friday of the quarter.
Lucid was among the six companies selected for removal from the index, joining Align (NASDAQ:ALGN) Technology, Inc. (Nasdaq: ALGN), eBay Inc. (Nasdaq: NASDAQ:EBAY), Enphase Energy, Inc. (Nasdaq: NASDAQ:ENPH), JD.com, Inc. (Nasdaq: NASDAQ:JD), and Zoom Video Communications , Inc. (Nasdaq: NASDAQ:ZM).
Shares of LCID are down 3.04% in pre-market trading on Tuesday.