Lucid Group (NASDAQ: LCID) has named Silvio Napoli, formerly Chairman and CEO of Schindler Group, as its next chief executive officer. The appointment ends a search that lasted more than a year following the departure of Peter Rawlinson in February 2025. Interim CEO Marc Winterhoff will transition to chief operating officer once Napoli formally assumes the CEO role.
Highlights
- Silvio Napoli, former Chairman and CEO of Schindler Group, appointed as Lucid’s next CEO and board member.
- Marc Winterhoff will shift from interim CEO to COO, maintaining operational continuity.
- Napoli’s employment begins April 15, 2026, with the CEO title effective once U.S. work authorization is obtained.
- Compensation includes a $1.5 million base salary, a 200% target annual bonus, and performance-based stock options tied to market capitalization hurdles between $5 billion and $17.5 billion.
Industrial Veteran Takes the Helm
Napoli spent decades at Schindler Group, one of the world’s largest elevator and escalator manufacturers, where he led large-scale international operations spanning manufacturing, supply chain, and commercial execution. His tenure emphasized cost discipline, capital allocation, and the shift toward technology-enabled, service-oriented business models.
He holds an MBA from Harvard Business School, earned as a Fulbright scholar. Napoli is currently based in Switzerland and will relocate to the United States.
“On behalf of the Board, we are pleased to welcome Silvio as Lucid’s next CEO,” said Turqi Alnowaiser, Chairman of the Lucid Board of Directors. “He brings a strong track record of global manufacturing excellence, operational discipline, driving growth across global markets and leading state-of-the-art customer service. His expertise in capital allocation, operational efficiency and translating advanced technology into consistent high-quality performance over time will be critical as Lucid continues to scale and execute its strategy.”
Strategic Priorities
Lucid said Napoli’s operational background positions the company for its next growth phase across several fronts: scaling production of the Lucid Gravity SUV and Air sedan, advancing its upcoming midsize platform vehicles, and pursuing new revenue through autonomy, robotaxi, and software-enabled services.
“Lucid has established a strong foundation built on technology leadership and an expanding product portfolio, including Lucid Air, Lucid Gravity, and the upcoming Midsize vehicles,” said Napoli. “Working with Marc and the executive team, my focus will be on consistent execution, financial discipline and helping translate Lucid’s breakthrough innovations into long-term value.”
Winterhoff Transitions to COO
Winterhoff, who assumed the interim CEO role when Rawlinson departed in February 2025, will return to the COO position he held prior to the leadership vacancy. His revised compensation includes a $1 million base salary, a 150% bonus target, and a $5.4 million long-term equity incentive target.
“The past year has been an important period of progress for Lucid, and I’m proud of the work the team has done to strengthen our operations and execution,” said Winterhoff. “We have laid out a clear vision and enhanced strategy, and I look forward to continuing that work alongside Silvio.”
Alnowaiser credited Winterhoff with expanding Lucid’s strategy, strengthening execution, and maintaining momentum through a difficult operating environment.
Compensation Structure
Napoli’s pay package is heavily performance-weighted. Beyond his $1.5 million base salary and 200% annual bonus target, he will receive a 2026 long-term incentive grant targeting $9.5 million, split between restricted stock units and performance-based RSUs. He has also been granted performance-based stock options on up to 1 million shares, tied to market capitalization milestones ranging from $5 billion to $17.5 billion. The structure ties a significant portion of his upside to sustained shareholder value creation.
Market and Broader Context
Lucid shares rose more than 11% in premarket trading following the announcement. Separately, Lucid also disclosed $750 million in new investment commitments from Saudi Arabia’s Public Investment Fund and Uber Technologies, which has expanded its robotaxi vehicle commitment with the company to 35,000 units.
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