Lucid's Ex-CEO Set to Receive $120,000 Monthly Despite Company Incurring $2.7 Billion Loss | Carscoops

Lucid's Ex-CEO Set to Receive $120,000 Monthly Despite Company Incurring $2.7 Billion Loss | Carscoops

      Peter Rawlinson may have resigned as CEO, but he will continue to serve as an advisor to the Chairman of the Board. In addition to his salary, he will receive a $2 million stock grant.

      Lucid will also cover Peter Rawlinson’s health insurance premiums.

      In 2022, the stock options that vested for the former CEO were valued at over $370 million.

      Lucid aims to more than double its production this year, exceeding 20,000 units.

      While Peter Rawlinson recently left his role as Lucid’s chief executive, he is not departing without benefits. He will continue to receive a substantial salary as an advisor to the Chairman of the Board, earning $120,000 monthly, alongside a $2 million stock grant and a company car.

      Despite Lucid reporting a $2.7 billion net loss in 2024, the company remains financially stable, bolstered by the substantial resources of its majority owner, Saudi Arabia’s Public Investment Fund. Over the next two years, Rawlinson will receive his $120,000 monthly salary and will get stock grants distributed equally on February 21, 2026, August 21, 2026, and February 21, 2027. Lucid will also keep paying for his health insurance.

      Rawlinson is accustomed to large compensation packages from Lucid, as noted by Auto News. In 2023, it was disclosed that in the previous year, he earned a base salary of $575,000, with stock options valued at $372,928,375 at the time, in addition to $5,504,378 in stock option gains. However, this figure doesn’t provide the complete picture.

      In 2021, Rawlinson was awarded a one-time stock grant that was decided upon and approved by Lucid’s Board of Directors. A significant part of this grant vested in 2022 after the company reached several milestones in market capitalization, which is why he received a substantial payout.

      Who is Leading Lucid Now?

      With Rawlinson's departure, Chief Operating Officer Marc Winterhoff has stepped in as interim CEO while the board seeks a permanent successor. Rawlinson indicated that he chose this moment to step down with the launch of the new Gravity SUV, a noteworthy event for the company that has allowed Lucid to increase its production estimates for this year to 20,000 units, nearly double the production from 2024.

Lucid's Ex-CEO Set to Receive $120,000 Monthly Despite Company Incurring $2.7 Billion Loss | Carscoops Lucid's Ex-CEO Set to Receive $120,000 Monthly Despite Company Incurring $2.7 Billion Loss | Carscoops Lucid's Ex-CEO Set to Receive $120,000 Monthly Despite Company Incurring $2.7 Billion Loss | Carscoops

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Lucid's Ex-CEO Set to Receive $120,000 Monthly Despite Company Incurring $2.7 Billion Loss | Carscoops

Peter Rawlinson may have stepped down as CEO, but he continues to serve as an advisor to the Chairman of the Board and will receive a $2 million stock grant in addition to his salary.