Lucid Names Former Waymo Executive As CFO In 'Pivotal Year'

Luxury electric vehicle maker Lucid Motors Inc has roped in a former executive of Alphabet Inc's GOOGL GOOG self-driving unit Waymo as its chief financial officer, Bloomberg reported on Wednesday.

What Happened: The Saudi Arabia-backed EV-maker has named Sherry House, previously treasurer and head of investor relations at Waymo, as finance chief, and start the new role this week, the Bloomberg report noted.

The California-based company had in February agreed to merge with SPAC Churchill Capital Corp IV CCIV. The deal is expected to close in the second quarter and generate $4.4 billion in cash for Lucid.

See also: How to Buy Lucid Motors IPO Stock

Why It Matters: Lucid CEO Peter Rawlinson said House's technical experience will bolster "core leadership team in a pivotal year for Lucid as we prepare to transition to a publicly traded company and launch the Lucid Air.”

Lucid plans to start making its first all-electric Lucid Air luxury sedan in the second half of this year and the Gravity SUV is scheduled to be released in 2023.

Lucid is among a host of EV startups that have taken the SPAC route to go public. Rawlinson, a British engineer based in California, was previously chief engineer on Tesla's Model S.

See Also: Elon Musk Plays Down Lucid CEO's Role With Tesla, Says Rawlinson Was 'Never Chief Engineer'

The development also comes at a time when Waymo, regarded as a leader in autonomous-car development, named Tekedra Mawakana and Dmitri Dolgov co-CEOs after John Krafcik stepped down from the position.

Price Action: CCIV shares closed 3.74% lower at $19.17 on Tuesday and were up 3.50% in premarket trading on Wednesday.

Read Next: How Lucid's Plans For The Future Differ From Rival Tesla

Photo Courtesy: Lucid Motors