Lucid’s stock plummeted nearly 14% following the announcement of a CEO change.
On Wednesday, Lucid shares dropped 13.6%, closing at $2.25 on the New York Stock Exchange.
The previous day, Lucid announced that CEO Peter Rawlinson would be stepping down.
Rawlinson, who previously served as Tesla’s Vice President of Engineering, played a key role in designing and launching the Model S.
At Lucid, he led the successful launch of the company’s flagship Gravity SUV.
“I think we clearly announced that Peter made the decision that after 12 years, it’s now a good time to pass the baton,” Rawlinson said.
Marc Winterhoff, the company’s Chief Operating Officer (COO), has been appointed as his successor.
However, the market reacted with concern over the leadership transition, leading to a sharp decline in Lucid’s stock price.