Why Lucid Group Stock Just Dropped 9%
Electric-car company Lucid Group (NASDAQ: LCID) announced this morning that its chief financial officer Sherry House is resigning, effective immediately. Lucid stock fell 9% -- also immediately -- through 10:30 a.m. ET Tuesday morning.
Investors are probably right to be concerned. On the one hand, Lucid did its best to frame the CFO's departure in the best possible light in its press release. It included a quote from Ms. House expressing "confiden[ce] in Lucid's future," alongside a note from CEO Peter Rawlinson highlighting House's role in "Lucid's public listing in 2021, the production and delivery of Lucid Air, and the recent unveiling of Lucid Gravity." He implied that now that these tasks have been accomplished, House's work at Lucid is drawing to a sort of natural conclusion.
The company also noted that House "will be available in an advisory role through December 31, 2023 to assist in the transition of her duties," while Principal Accounting Officer Gagan Dhingra steps into the role of interim CFO.
Source Fool.com
