- Lucid will also continue to pay for Peter Rawlinson’s health insurance premiums.
- In 2022, stock options vested by the former CEO were valued at over $370 million.
- Lucid plans to more than double production this year to over 20,000 units.
While Peter Rawlinson recently stepped down as Lucid’s chief executive, the engineer and businessman won’t be leaving empty-handed. He will still take home a very generous salary in his new role as an advisor to the Chairman of the Board. In fact, he’ll be earning $120,000 per month, receiving a $2 million stock grant, as well as a company car.
Despite Lucid posting a $2.7 billion net loss in 2024, the company remains financially secure thanks to the deep pockets of its majority owner, Saudi Arabia’s Public Investment Fund. Over the next two years, Rawlinson will collect his $120,000 monthly salary and receive stock grants in equal installments on February 21, 2026, August 21, 2026, and February 21, 2027. Lucid will also continue covering his health insurance premiums.
Read: Service Nightmares Leave Lucid Owner Considering Ditching $100K EV
Rawlinson is no stranger to getting healthy pay packages from Lucid, Auto News notes. In 2023, it was revealed that during the previous year, he walked away with a base salary of $575,000, stock options that, at the time, were valued at $372,928,375, and $5,504,378 in stock option gains. However, that doesn’t tell the full story.
In 2021, Rawlinson received a one-time stock grant that was determined and approved by Lucid’s Board of Directors. A significant portion of this grant vested during 2022 after Lucid hit several market capitalization milestones, hence why he walked away with so much money.
Who’s Running Lucid Now?
With Rawlinson stepping down, Chief Operating Officer Marc Winterhoff has taken over as interim CEO while the board searches for a permanent replacement. While leaving his post as CEO, Rawlinson said he decided now was the right time to step aside because the new Gravity SUV has just launched. Its arrival marks a significant milestone for the company and has allowed Lucid to increase production estimates for this year to 20,000, roughly double the number of vehicles it built in 2024.
