Lucid Group said Silvio Napoli has taken over as chief executive officer, effective immediately, completing the leadership transition announced on April 14.
Napoli, who had been slated to become CEO, replaces the interim structure under which Marc Winterhoff had been serving as interim chief executive. Winterhoff has now returned to his prior role as chief operating officer and will report to Napoli.
The company said Napoli previously led Schindler Group as chairman and CEO and brings experience in global operations, financial management and technology-driven businesses.
In comments accompanying the transition, chairman Turqi Alnowaiser said the board remains focused on Lucid’s long-term future and expressed confidence in Napoli’s leadership. Napoli said his priorities include strengthening customer engagement, improving consistency and accountability, achieving cost competitiveness and streamlining the organization and processes.
Lucid described itself as a technology company building software-defined vehicles and said it designs and engineers its products in-house and assembles them in Arizona and Saudi Arabia. Following these announcements, the company's shares moved 4.05%, and are now trading at a price of $6.815. Check out the company's full 8-K submission here.
