Lucid Group Inc. (NASDAQ: LCID) announced that Silvio Napoli has assumed the role of Chief Executive Officer, effective immediately. The electric vehicle manufacturer had previously announced Napoli as incoming CEO on April 14.

"On behalf of the Board, we are pleased to have Silvio as CEO at this important stage for Lucid," said Turqi Alnowaiser, Chairman of the Lucid Board of Directors. "The Board remains fully committed and focused to Lucid's long-term future, and we have strong confidence in Silvio's leadership."

Napoli brings experience from his previous role as Chairman and Chief Executive Officer of Schindler Group. His background includes large-scale global operations, financial management, and technology-driven businesses.

"After spending time with our teams and gaining deeper firsthand experience with our products and technology, I'm increasingly confident in our ability to deliver consistent execution and long-term value," said Napoli. "Our focus will be on strengthening customer engagement, operating with consistency and accountability, achieving cost competitiveness and streamlining our organization and processes to fully leverage the strength of our team."

Marc Winterhoff, who served as Interim CEO, has returned to his role as Chief Operating Officer and will report to Napoli.

Lucid designs and engineers its electric vehicles in-house and assembles them at facilities in Arizona and Saudi Arabia. The company trades on NASDAQ under the ticker LCID.