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The much-cited $379 million figure for Lucid CEO Peter Rawlinson refers to compensation attributed to him for 2022 in an Automotive News/Equilar survey—not to a $379 million salary or cash paycheck. Fortune’s 2023 account of that survey said Rawlinson’s figure trailed Nvidia CEO Jensen Huang’s overall, while ranking highest among the automotive CEOs in its comparison. Those claims use different peer groups, and the underlying figures depend on how equity compensation is valued.
What does the $379 million figure represent?
Fortune reported that the Automotive News/Equilar survey put Rawlinson’s 2022 compensation at $379,029,183. That is a survey-reported compensation figure, not base salary. The complete original survey methodology and comparison universe are not established in the available reporting, so the figure should be attributed to the survey rather than treated as a definitive measure of cash received.
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Lucid’s 2022 proxy statement shows how different the company’s compensation categories are. It lists Rawlinson’s base salary as $407,756, alongside $16,652,592 in option awards, $864,670 in stock awards and $40,872,951 in non-equity incentive compensation. The proxy also reports amounts realized when awards were exercised or vested in separate tables. Those values use different accounting conventions and may relate to awards granted in earlier years; they should not be added together or substituted for the survey’s $379 million figure.
Was Rawlinson the highest-paid CEO?
That depends on whom the comparison includes. Fortune’s account of the Automotive News/Equilar survey said Rawlinson’s reported 2022 compensation was below Nvidia CEO Jensen Huang’s, but described Rawlinson as the highest-paid automotive CEO in its comparison. “Highest” among automotive peers is not the same as highest among executives across all industries. The survey’s full methodology and universe are not available in the cited reporting, which limits how broadly its ranking can be applied.
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Other 2022 figures offer context, not a definitive ranking. The Associated Press/Equilar reported $28.98 million for General Motors CEO Mary Barra and nearly $21 million for Ford CEO Jim Farley. AP noted that comparisons are complicated by differences in company structures and stock awards.
How Lucid reported CEO compensation for 2025
Lucid’s 2026 proxy, filed April 23, 2026, reports compensation for fiscal 2025, when Peter Rawlinson transitioned out of the CEO role and Marc Winterhoff served as interim CEO. Its Summary Compensation Table and its SEC pay-versus-performance measure report different figures:
| Executive | 2025 Summary Compensation Table total | 2025 “compensation actually paid” |
|---|---|---|
| Marc Winterhoff, interim CEO | $9,708,987 | −$278,597 |
| Peter Rawlinson, former CEO | $3,473,069 | −$399,922 |
The negative amounts are the proxy’s SEC pay-versus-performance figures after required adjustments; they do not mean either executive paid money back or had a negative salary. “Compensation actually paid” is a defined disclosure measure, not a synonym for cash received. A Summary Compensation Table total is a separate measure, so neither should be compared with a survey figure unless the accounting basis and period match.
Why CEO-pay rankings can differ
Before comparing executive-pay headlines, check four things:
Rank #3
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- Period: Confirm the fiscal year and whether the executive served for all of it, was interim or transitioned during the year.
- Measure: Distinguish salary, Summary Compensation Table total, grant-date equity value, realized value at vesting or exercise, and SEC “compensation actually paid.”
- Peer group: A ranking among automakers can differ from one spanning all industries or only U.S. public companies.
- Equity valuation: Stock and options can be valued when granted, when they vest or when they are exercised; those points can produce substantially different totals.
How the 2025 S&P 500 pay figure compares
For a broader but not directly equivalent benchmark, the Associated Press/Equilar reported median 2025 CEO pay of $17.7 million in its 2026 survey of 337 qualifying executives at S&P 500 companies. The sample included executives who had served at least two full years, using proxy filings submitted from January 1 through April 30, 2026. AP’s methodology valued stock and options at grant date and noted that eventual realized values can vary. That survey is useful for understanding a different pay measure and population; it is not an apples-to-apples comparison with the 2022 automotive survey.
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