Taoufiq Boussaid
Chief Financial Officer at LCID
Executive
About Taoufiq Boussaid
Lucid’s Chief Financial Officer since February 2025; joined January 29, 2025 and became CFO upon filing the FY2024 10-K. Age 54 in the 2025 proxy. Previously CFO of N.V. Bekaert S.A. (2019–Oct 2024), advisor to Bekaert (Oct–Dec 2024), senior finance leadership at Bombardier Transportation (2007–2019) and United Technologies (2004–2007), with earlier roles at Ernst & Young and The Coca‑Cola Company . Company performance context: Lucid achieved four consecutive record quarters of deliveries in 2024 (10,241 vehicles), improved gross margin and working capital, and ended 2024 with ~$6.13B in total liquidity; Gravity production started by year-end .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| N.V. Bekaert S.A. | Chief Financial Officer | Jul 2019 – Oct 2024 | Led group finance for global industrials; multi-year CFO tenure at a Belgium-listed company |
| N.V. Bekaert S.A. | Advisor | Oct 2024 – Dec 2024 | Transitional advisory role post-CFO |
| Bombardier Transportation | Vice President Finance (WE/APAC/MEA) and finance leadership roles | 2007 – 2019 | Oversaw multi-region finance, supporting rail manufacturing operations |
| United Technologies Corporation | Finance leadership (incl. CFO – Carrier Heating Systems Europe) | 2004 – 2007 | Divisional CFO responsibilities and corporate controller roles in EMEA |
| Ernst & Young; The Coca‑Cola Company | Audit manager (EY); finance roles (Coca‑Cola) | Not disclosed | Early international finance and audit career foundations |
External Roles
No external public company directorships disclosed in the filings reviewed for Mr. Boussaid .
Fixed Compensation
| Component | Detail | Amount |
|---|---|---|
| Base Salary | Annual base salary | $575,000 |
| Target Bonus (FY2025) | Target % of base; guaranteed minimum | 90% of base; guaranteed at ≥90% of base or actual performance for FY2025 |
| Target Bonus (FY2026) | Guaranteed minimum | ≥45% of base or actual performance for FY2026 |
| Cash Sign‑on | Make‑whole and sign‑on bonus | $2,000,000; subject to clawback through 3rd anniversary of hire |
| French national stipend | Annual stipend for retirement/tax needs | $100,000 per year |
| Relocation | Lump‑sum plus temporary housing | $500,000; clawback applies; up to 6 months paid temporary housing |
Performance Compensation
| Incentive Type | Grant Value | Structure / Vesting | Performance Metrics / Notes |
|---|---|---|---|
| RSUs | $4,000,000 | Vests over ~2.5 years (quarterly schedule); acceleration protections not specified for CFO | |
| PSUs (FY2025 program) | $6,000,000 | Vests consistent with terms for other senior executives; details to be set under FY2025 program | |
| Annual Incentive Plan (AIP) – Historical context (FY2024) | N/A | Paid by Company Payout Factor and individual modifier | FY2024 metrics: Deliveries 30%, Free Cash Flow 30%, Gross Margin 20%, Gravity Start of Production 20% . FY2024 actuals: 10,241 deliveries (target 9,000), Gross Margin $(923)mm (target $(1,027)mm), FCF $(3,644)mm (target $(4,136)mm); Company Payout Factor 130.3% . |
Equity Ownership & Alignment
- Stock ownership guidelines: CEO 6x base salary; Senior Vice Presidents 3x; Vice Presidents 2x; executives may count unvested/earned RSUs toward compliance; PSUs count once earned. CFO-specific ownership multiple not explicitly enumerated in the guideline table .
- Hedging/pledging: Company policy prohibits hedging and pledging of Lucid securities by directors and employees (including NEOs) .
- Beneficial ownership: CFO’s personal share holdings were not itemized in the March 31, 2025 beneficial ownership table; equity awards disclosed above (RSUs/PSUs) .
- Insider trading: Insider Trading Policy applies (e.g., restrictions and compliance with material nonpublic information) .
Employment Terms
| Term | Detail |
|---|---|
| Start & Appointment | Joined Jan 29, 2025; appointed CFO upon FY2024 10‑K filing; serves as principal financial officer |
| Severance Eligibility | Eligible to participate in Lucid’s Executive Severance Benefit Plan on terms consistent with other senior executives |
| Executive Severance Plan – general terms | Non‑CIC termination: base salary continuation for specified months, Company‑paid COBRA (w/ tax gross‑up), limited acceleration for pre‑July 23, 2021 awards only. CIC termination: lump sum = (base + target bonus)/12 × months; COBRA with gross‑up; 100% acceleration of outstanding equity awards (except certain legacy CEO grants) |
| Change‑in‑Control (plan definition) | Includes change in Board composition, >50% voting power change, merger/asset sale – with treatment for assumed or unassumed awards per the stock plan |
| Clawbacks | Company Compensation Recoupment Policy (Rule 10D/Nasdaq-compliant) authorizes recovery of incentive comp upon required restatements; CFO sign‑on cash and relocation also subject to clawback per offer terms |
| Restrictive Covenants | Company practice for NEOs includes a Confidential Information and Invention Assignment Agreement with a 24‑month post‑employment non‑solicit; CFO’s specific agreement terms not disclosed in filings reviewed |
Compensation Structure Analysis
- Mix and alignment: Significant equity (RSUs/PSUs total $10M) aligns with long‑term results; PSUs are intended to mirror senior executive program terms in FY2025, which historically weight operational outcomes (deliveries, free cash flow), reinforcing pay‑for‑performance .
- Cash guarantees and retention: Guaranteed minimum bonus levels for 2025/2026 plus a $2M sign‑on and $500k relocation (both with clawbacks) support near‑term retention during leadership transition .
- Vesting cadence: RSUs vest over ~2.5 years, implying a faster vest than the standard 4‑year cadence, increasing near‑term vesting events while maintaining long‑term PSU performance linkage .
- Governance safeguards: No excise tax gross‑ups on change‑in‑control, prohibition on hedging/pledging, and a formal clawback policy mitigate shareholder‑unfriendly constructs .
Competency, Peer Benchmarking, and Governance Context
- Qualifications: Multi‑region finance leadership across industrial and transportation sectors and prior audit experience provide CFO credentials suited to Lucid’s scaling and international operations .
- Peer group benchmarking: Lucid’s compensation committee benchmarks against a hybrid auto/tech peer set (e.g., Tesla, Rivian, GM, Ford, Mobileye, Uber, CrowdStrike, etc.) to calibrate competitiveness .
- Committee independence: Compensation and Human Capital Committee composed of independent directors; engages independent consultant (Pay Governance) and met 15 times in 2024 .
- Say‑on‑pay: 99% approval at 2024 annual meeting indicates broad investor support for the program design .
Investment Implications
- Alignment: The $6M PSU grant tied to the FY2025 program and clawback‑backed cash elements point to strong pay‑for‑performance and retention constructs, with policy protections (no hedging/pledging, clawback) supportive of alignment .
- Near‑term supply: The ~2.5‑year RSU vesting schedule accelerates equity settlement versus typical 4‑year patterns, potentially increasing near‑term insider vesting cadence; the Insider Trading Policy mitigates risk of hedging/pledging and governs trading .
- Transition execution: CFO’s global industrial finance background (Bekaert/Bombardier/UTC) fits Lucid’s expansion and cost discipline priorities during the CEO transition and Gravity/midsize platform ramp; bonus floors and relocation support continuity .
- Change‑in‑control economics: Standard CIC benefits (lump sum plus 100% equity acceleration under plan terms) are typical; no excise tax gross‑ups reduce risk of excessive payouts in transactional scenarios .