Lucid Group, Inc. (NASDAQ:LCID) announced that Silvio Napoli has assumed the role of Chief Executive Officer, effective immediately. The stock rose 12% over the past week but remains down 38% year-to-date at $6.55.
Napoli previously served as Chairman and CEO of Schindler Group, bringing decades of global industrial leadership experience.
"On behalf of the Board, we are pleased to have Silvio as CEO at this important stage for Lucid," said Turqi Alnowaiser, Chairman of the Lucid Board of Directors.
Napoli's priorities include strengthening customer engagement, operating with consistency and accountability, achieving cost competitiveness, and streamlining the organization. The company faces financial headwinds, with a gross profit margin of -95.6% and significant cash burn.
Marc Winterhoff, who served as Interim CEO, has resumed his role as Chief Operating Officer.
Lucid Group manufactures electric vehicles with vertically integrated facilities in Arizona and Saudi Arabia.
