Rivian's CFO Claire McDonough Resigns, Joins GE Vernova
Claire McDonough, Rivian Automotive Inc.'s chief financial officer since January 2021, is resigning at the end of October to join energy equipment manufacturer GE Vernova. Her departure comes as Rivian scales production for its R2 SUV and continues efforts toward profitability after a challenging period marked by delays, rising costs, and supply chain issues. McDonough played a pivotal role in Rivian's $13.7 billion IPO and helped stabilize the company’s financials during her tenure. Despite these achievements, Rivian's stock has fallen significantly from its debut price of $78 to around $16.80 as of Thursday's close. The company is already searching for a replacement CFO, with Derek Mulvey stepping in temporarily. Her leadership also contributed to key partnerships like the joint venture with Volkswagen Group, which involves up to $5.8 billion in investment by 2027.
Topics: CFO resignation EV industry leadership change Rivian