Chabi Nouri
Director at LCID
Board
About Chabi Nouri
Independent director of Lucid Group, Inc. since April 2023; age 51. Former global CEO of Piaget SA (Richemont) and current CEO of Bonhams (since Oct 2024), with deep luxury and consumer brand leadership experience. Education includes an M.A. in Marketing and Economics (University of Fribourg) plus certificates from MIT (Digital Future) and IMD (ESG) . The Board has affirmatively determined she is independent under Nasdaq standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Piaget SA (Richemont) | Global CEO | Apr 2017–Jun 2021 | Led global luxury watch/jewelry brand operations |
| Piaget SA | Chief Marketing Officer | Oct 2014–Mar 2017 | Global marketing leadership |
| Cartier International SNC | Merchandising, retail, product development | Prior to 2014 | Led global High Jewellery and Creative Jewellery |
| British American Tobacco plc | Brand leadership | Prior to 2014 | Led Vogue cigarettes globally |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bonhams | Chief Executive Officer | Oct 2024–present | Leads international auction house |
| Mirabaud Asset Management | Co‑manager, Lifestyle/Impact/Innovation PE fund | Mar 2022–present | PE fund co‑management |
| Watches of Switzerland Group PLC | Non‑executive director | May 2022–present | Member, ESG committee |
Board Governance
- Committee memberships: Nominating & Corporate Governance Committee member (Chair: Turqi Alnowaiser). Not a member of Audit or Compensation committees .
- Independence: Board determined she is independent; no family relationships disclosed among directors/officers .
- Attendance and engagement: Board met 7 times in FY2024; each director attended ≥80% of Board and committee meetings. Nouri attended the 2024 annual meeting as a Board representative .
- Controlled company context: Lucid is a “controlled company” (Ayar/PIF >50% voting power) but does not currently utilize Nasdaq governance exemptions; Ayar has nomination and committee representation rights tied to ownership. Nouri is not listed among Ayar‑designated nominees .
- Executive sessions: Independent directors hold executive sessions as part of regular quarterly meetings .
Fixed Compensation
| Component | Amount (FY2024) | Notes |
|---|---|---|
| Cash fees | $42,871 | Includes Board and committee retainers per program |
| Equity (RSUs) | $275,943 | Annual equity retainer; RSUs valued at grant-date fair value |
| Other compensation | $0 | No perquisites reported for Nouri |
| Program terms (reference) | — | Board member retainer: $30,000 cash + $270,000 RSUs; additional chair/member fees; special committee RSUs up to $20,000 cap |
Performance Compensation
- Directors do not receive bonus/option awards tied to performance; equity is time‑based RSUs under the 2021 Stock Incentive Plan. Annual RSUs vest in full on the earlier of one‑year anniversary or next annual meeting; directors may elect to defer settlement of annual RSUs until termination or change in control .
- Clawback: The plan allows reduction/forfeiture/recoupment of awards subject to company clawback policies; Lucid adopted a Compensation Recoupment Policy compliant with SEC/Nasdaq in Nov 2023 .
| Metric | Grant Type | Vesting Schedule | Performance Link |
|---|---|---|---|
| Annual director equity | RSUs | Vest earlier of 1‑year or next annual meeting; deferral election available | None (time‑based) |
| Special committee service | Fully vested RSUs | Granted at annual meeting based on meeting count (capped at $20,000) | None (service‑based) |
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Bonhams | Auctions | CEO | No Lucid related‑party transactions disclosed – |
| Watches of Switzerland Group PLC | Luxury retail | NED; ESG committee | No EV‑sector overlap; no related‑party exposure disclosed – |
Expertise & Qualifications
- Luxury/consumer brand leadership (global CEO/CMO roles at Piaget; merchandising/product roles at Cartier) .
- ESG governance experience (ESG committee membership; IMD ESG certificate) .
- Marketing/economics academic foundation; digital transformation exposure (MIT certificate) .
Equity Ownership
| Holder | Shares Beneficially Owned | Ownership (%) | RSUs Outstanding/Deferred |
|---|---|---|---|
| Chabi Nouri | 29,914 | <1% | 129,080 RSUs (unvested and/or deferred settlement) |
- Hedging/pledging: Company prohibits directors from hedging or pledging Lucid securities, supporting alignment with shareholders .
- Stock ownership guidelines: Non‑employee directors expected to hold ≥5× annual Board cash retainer within 5 years of Jan 23, 2023 or initial election; RSUs (vested/unvested) count toward compliance. Individual compliance status not disclosed .
Governance Assessment
- Strengths: Independent director with global consumer/luxury expertise; active on Nominating & Corporate Governance; attendance ≥80%; equity retainer aligns with shareholder value; hedging/pledging prohibited; clawback framework in place .
- Control/oversight considerations: Lucid is a controlled company (PIF/Ayar ~64% voting power) with nomination and committee rights; directors and Audit Committee review related‑party transactions. No Nouri‑specific related‑party issues disclosed –.
- Compensation quality: Director pay is primarily time‑vested RSUs plus modest cash, with no performance gaming; RSU deferral option supports long‑term alignment .
- Investor sentiment: 2024 say‑on‑pay support ~99% indicates broad shareholder confidence in compensation governance, though focused on executives rather than directors .
RED FLAGS: None disclosed specific to Nouri (no low attendance, related‑party transactions, pledging/hedging, or legal proceedings). Oversight risks primarily stem from controlled company dynamics rather than individual director conflicts .