Claire McDonough, who steered the electric vehicle maker through its 2021 IPO and its Volkswagen partnership, is departing during a critical production ramp for the R2 SUV.
Rivian Automotive said Chief Financial Officer Claire McDonough will step down effective October 30, moving to become CFO of GE Vernova, the Massachusetts-based energy equipment maker spun off from General Electric. Derek Mulvey, Rivian's vice president of finance, will serve as interim CFO while the company searches for a permanent replacement.
McDonough joined Rivian in January 2021 and spent nearly six years in the role, a tenure that included the company's 2021 initial public offering, which raised $13.7 billion, and its 2024 partnership agreement with Volkswagen, which included a $5.8 billion investment from the German automaker. Rivian said the departure is not the result of any disagreement with management or the board, describing the move as a personal decision tied to relocating to the East Coast.
Rivian shares fell 2.1% in after-hours trading following the announcement, closing the regular session at $16.80, well below the company's $78 IPO price five years ago. The timing places the transition squarely inside a period the company itself has called critical: Rivian is in the middle of ramping production of its R2 SUV, the vehicle central to its next phase of growth, under a new finance chief just as that ramp reaches its most demanding phase.