Lucid Names Taoufiq Boussaid as New CFO
Portflio - People | Jan 29, 2025 | Zawya
Lucid Group has appointed Taoufiq Boussaid as its new Chief Financial Officer, filling the position over a year after Sherry House's departure. Boussaid previously served as CFO of NV Bekaert SA, where he helped reduce debt, and assumes his new role as Lucid accelerates production of its Gravity SUV. Interim CFO Gagan Dhingra will continue as Chief Accounting Officer and Senior Vice President of Finance and Accounting, reporting to Boussaid. Lucid, backed by Saudi Arabia's sovereign wealth fund, is expected to deliver quarterly results soon. Boussaid’s compensation details were disclosed alongside a salary adjustment for Dhingra. The former CFO, House, has joined Ford Motor as Vice President of Finance, soon transitioning to the CFO role.
Sectors
- Electric Vehicles
- Finance and Investment
Geography
- United States – Lucid Group is a U.S.-based company, influencing its operational and market strategies.
- Saudi Arabia – Lucid is backed by Saudi Arabia’s sovereign wealth fund, making this country relevant to its corporate and financial setup.
Industry
- Electric Vehicles – Lucid Group operates within the electric vehicle industry, currently focusing on ramping up production of new models.
- Finance and Investment – Lucid's appointment of a new CFO and ties with Saudi Arabia's sovereign wealth fund highlight its engagement in the finance and investment sector.
Financials
- $575,000 – Annual base salary for newly appointed CFO Taoufiq Boussaid.
- $475,000 – Annual salary increase for Gagan Dhingra, Senior Vice President, Finance and Accounting.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Lucid Group | Employer | Company | An electric vehicle manufacturer focused on sustainable transportation and technology. |
| Taoufiq Boussaid | New CFO | Person | Recently appointed CFO of Lucid Group, previously served as Group CFO at NV Bekaert SA. |
| Sherry House | Former CFO | Person | Served as Lucid's CFO until December 2023, now with Ford Motor. |
| Gagan Dhingra | Interim CFO / Chief Accounting Officer | Person | Interim CFO at Lucid, promoted to Chief Accounting Officer and Senior Vice President. |
| Ford Motor | Employer of Former CFO | Company | An American multinational automaker and new employer of Sherry House. |
| NV Bekaert SA | Former Employer of New CFO | Company | Belgium-listed steel and coatings technology company, previously employed Boussaid as CFO. |
| Saudi Arabia's Sovereign Wealth Fund | Investor | Government | Investor in Lucid Group, supporting its financial and strategic goals. |