Rivian's CFO Claire McDonough to depart company
Rivian's chief financial officer Claire McDonough will step down at the end of October to join GE Vernova and relocate closer to family on the East Coast, with finance VP Derek Mulvey serving as interim CFO.
Electric vehicle maker Rivian announced that chief financial officer Claire McDonough will leave her position at the end of October, according to a regulatory filing submitted Thursday.
The company said McDonough is departing to pursue a new opportunity and to relocate to the East Coast to be closer to her family. According to McDonough herself and energy equipment maker GE Vernova, she has been hired as that company's CFO. Rivian stated the departure is not the result of any disagreement.
The company is already searching for a permanent replacement, and vice president of finance Derek Mulvey will serve as interim CFO once McDonough departs.
A challenging moment for the company
Her exit comes as Rivian takes on some of its most ambitious projects to date, including ramping up production and sales of its R2 SUV, which began shipping to customers this summer.
McDonough was appointed CFO in January 2021, replacing Ryan Green, during a critical and turbulent period for the company. At the time, Rivian was still private and struggling with production delays, rising costs, and supply chain constraints while burning through its raised capital rapidly.
In her first year, the company began production of its R1T truck and completed an initial public offering that raised $12 billion, one of the largest IPOs of the year. Since debuting at $78 per share, the stock has fallen to $16.80 as of Thursday's close.
McDonough, who had no prior direct experience in the automotive industry — having previously worked at JP Morgan and Fairway Market — worked closely with design and engineering teams as well as founder and CEO RJ Scaringe. She was also responsible for business development, vehicle maintenance, facilities, and the company's charging network. As CFO, she played a key role in a technology joint venture with Volkswagen Group, under which VW committed to invest up to $5.8 billion in Rivian by 2027 in exchange for access to its electrical architecture and software expertise.
