Shares of American electric automaker, Lucid Group (NASDAQ:LCID) are down more than 4.2% after market close on Monday following an announcement that CFO, Sherry House will be stepping down from her position effective immediately.
Lucid stated that Ms. House's departure is unrelated to any disagreement with Lucid's independent auditors, the company's board of directors (referred to as the "Board"), or any of its board committees. Her departure also does not pertain to any issues regarding accounting principles or practices, financial statement disclosure, or internal controls.
Starting from December 11, 2023, Gagan Dhingra, Lucid's existing Vice President of Accounting and Principal Accounting Officer, will take on the role of Lucid's interim Chief Financial Officer and Principal Financial Officer.
House will make herself available to Lucid in an advisory role through the end of the year.
"I want to thank Sherry for her contributions to the company during her tenure," said Lucid CEO, Peter Rawlinson.
"She was a key member of our leadership team and a critical player during major corporate moments,” added Rawlinson.
Lucid ended the trading day Monday down 2.54%, sinking mid-day after it was announced that the stock was being removed from the NASDAQ-100.
The Nasdaq-100 is reorganized each year in December, timed to correspond with the quadruple witch expiration Friday of the quarter.
Lucid was one of six companies chosen to be removed from the index, alongside Align (NASDAQ:ALGN) Technology, Inc. (Nasdaq: ALGN), eBay Inc. (Nasdaq: NASDAQ:EBAY), Enphase Energy, Inc. (Nasdaq: NASDAQ:ENPH), JD.com, Inc. (Nasdaq: NASDAQ:JD), and Zoom Video Communications , Inc. (Nasdaq: NASDAQ:ZM).