Rivian’s chief monetary officer Claire McDonough is resigning her place on the finish of October, the corporate introduced in a regulatory filing Thursday.
The corporate mentioned McDonough is stepping all the way down to “pursue a brand new alternative and relocate to the East Coast to be nearer to her household.” McDonough has been employed as CFO at Massachusetts-based GE Vernova, in keeping with the vitality tools producer and her personal put up on LinkedIn.
Rivian mentioned her resignation is “not the results of any disagreement.” The corporate is already looking for a substitute, and vice chairman of finance Derek Mulvey will function interim CFO as soon as McDonough leaves her put up.
Her departure comes as Rivian takes on a few of its largest initiatives to this point, together with scaling up manufacturing and gross sales of its R2 SUV, which began transport to clients this summer time.
McDonough was employed to the CFO spot in January 2021, changing Ryan Inexperienced, at a vital and tumultuous time for Rivian. The EV maker, which was nonetheless a personal firm, had raised billions of {dollars} in its bid to carry three compelling electrical automobiles — its flagship R1T truck and R1S SUV and a industrial supply van — to market.
Rivian was plagued with delays and added prices, which was compounded by provide chain constraints. It was additionally burning by means of capital.
In her first yr at Rivian, the corporate began manufacturing of its R1T truck and raised $12 billion in one of many biggest IPOs of the year. The corporate’s inventory, which debuted at $78, has since fallen to $16.80, as of Thursday’s closing.
McDonough was a key determine within the firm’s quest to enhance its steadiness sheet, and particularly its value of income. Whereas she didn’t have any direct expertise working in automotive — she held earlier positions at JP Morgan and Fairway Market — McDonough was recognized for working carefully with the design and engineering groups in addition to founder and CEO RJ Scaringe to make sure future automobiles have been trendy and compelling with out dropping cash on each sale, in keeping with insiders who’ve spoken to TechCrunch up to now. Amongst her many tasks, McDonough led Rivian’s company and enterprise growth in addition to quite a lot of different facets of the enterprise, together with automobile upkeep and repairs, amenities, and its charging community.
As CFO, she performed an important position in a technology joint venture with Volkswagen Group. Beneath that deal, which was finalized in November 2024, VW agreed to speculate as much as $5.8 billion into Rivian by 2027 in trade for entry to its electrical structure and software program know-how.
“Collectively, we launched the R1T, R1S, and our industrial van, drove expertise innovation and partnerships, constructed our go-to-market operations, and positioned the corporate for world scale and profitability with the launch of R2,” McDonough wrote in a post on LinkedIn. “Being a part of taking Rivian from an formidable imaginative and prescient to a category-defining enterprise has been the spotlight of my profession.”
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