With significant bonuses and stock options as part of his compensation, Lucid Group names Taoufiq Boussaid as CFO to drive growth, overseeing the production of its Gravity SUV.
California-based electric vehicle (EV) manufacturer Lucid Group has appointed Taoufiq Boussaid as its new Chief Financial Officer (CFO), effective from February 25, 2025. Boussaid will succeed Gagan Dhingra, who has served as the interim CFO since December 2023 following the departure of former CFO Sherry House.
Dhingra will transition to the role of Senior Vice President of Finance and Accounting and will continue to serve as the company’s Chief Accounting Officer, reporting directly to Boussaid.
According to the company, Taoufiq Boussaid’s extensive background in operational transformation positions him as the ideal candidate to support Lucid’s efforts to scale up the production of its new Gravity SUV.
Lucid’s CEO and CTO, Peter Rawlinson, highlighted that Boussaid’s track record of aligning financial strategy with business goals will be essential as Lucid prepares to launch its midsize vehicles and manage operational expansion effectively.
As CFO, his key responsibilities will include streamlining financial and operational processes to ensure they align with Lucid’s objectives for growth and profitability.
Prior to this role, Boussaid served as Group CFO at N.V. Bekaert S.A., a Belgian industrial steel and coatings company, where he led efficiency and debt reduction initiatives. He has also held senior positions at Bombardier Transportation, United Technologies Corporation, Carrier Heating Systems, and Coca-Cola.
In terms of compensation, Boussaid will receive a base salary of $575,000 annually, with a performance-based bonus of up to 90% of his base salary, along with a $2 million signing bonus and stock options.
Meanwhile, Dhingra’s annual base salary will increase to $475,000, with eligibility for a 75 per cent performance-based bonus and a one-time $250,000 bonus.
