Rivian CFO Claire McDonough to resign, effective end of October

CFO Departure Announced

Rivian announced that its Chief Financial Officer, Claire McDonough, will resign from her position at the end of October. The company stated her departure is for a new opportunity and a relocation to the East Coast to be closer to her family. McDonough has been hired as CFO at Massachusetts-based GE Vernova.

Interim Leadership and Company Context

Rivian is currently searching for a permanent replacement. In the interim, Derek Mulvey, vice president of finance, will assume the role of CFO after McDonough's departure. This change comes as Rivian is engaged in significant projects, including increasing production and sales of its R2 SUV, which began shipping to customers this summer.

McDonough's Tenure and Contributions

McDonough joined Rivian as CFO in January 2021, a period when the company was raising capital to bring its electric vehicles to market. During her tenure, Rivian started production of its R1T truck and completed a $12 billion IPO. She played a role in improving the company's balance sheet and managing the cost of revenue, working with design and engineering teams to ensure future vehicles were financially viable. McDonough also led corporate and business development, vehicle maintenance, facilities, and the charging network, and was involved in a technology joint venture with Volkswagen Group, which includes an investment of up to $5.8 billion into Rivian by 2027.