Lucid Group Stock Is Sliding: What's Going On?

Lucid Group Inc LCID shares are trading lower Tuesday after the EV company's CFO stepped down. 

What Happened: After the market close on Monday, Lucid announced that CFO Sherry House informed the company that she is resigning from her role, effective immediately.

House is stepping down to pursue other opportunities and will be available in an advisory role through the end of the year to help ensure a smooth transition.

"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," said Peter Rawlinson, CTO and CEO of Lucid.

Lucid's current vice president of accounting and principal accounting officer Gagan Dhingra will serve as the company's interim CFO and principal financial officer while Lucid searches for a replacement for House. 

The news comes a day after Lucid shares closed down more than 2.5% after it was announced the company will be removed from the Nasdaq-100 Index.

Check This Out: Tesla CEO Elon Musk Surprised At Lucid CFO's Departure

LCID Price Action: Lucid shares were down 3.47% at $4.45 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Lucid.