Rivian CFO Claire McDonough Resigns to Join GE Vernova

Rivian’s chief financial officer Claire McDonough is resigning her position at the end of October, as announced in a regulatory filing by the company on Thursday. McDonough is stepping down to pursue a new opportunity and relocate to the East Coast to be closer to her family. She has been hired as CFO at Massachusetts-based GE Vernova, according to the energy equipment manufacturer and her own post on LinkedIn. Rivian stated that her resignation is not the result of any disagreement. The company is currently searching for a replacement, and vice president of finance Derek Mulvey will serve as interim CFO once McDonough leaves her post. McDonough's departure comes as Rivian undertakes significant projects, including scaling 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 time for Rivian, which was still a private company and had raised billions of dollars to bring its electric vehicles to market. The company faced delays and increased costs due to supply chain constraints and was depleting its capital. In her first year, Rivian began production of its R1T truck and raised $12 billion in one of the largest IPOs of the year. The company's stock, which debuted at $78, has decreased to $16.80 as of Thursday’s closing. McDonough played a key role in improving Rivian's balance sheet and cost of revenue. Although she did not have prior automotive experience, she collaborated closely with design and engineering teams and CEO RJ Scaringe to ensure the vehicles were modern and profitable. Among her responsibilities, McDonough led corporate and business development and oversaw vehicle maintenance, repairs, facilities, and the charging network. As CFO, she was instrumental in a joint venture with Volkswagen Group, which involved VW investing up to $5.8 billion into Rivian by 2027 in exchange for access to its electrical architecture and software. In her LinkedIn post, McDonough reflected on her time at Rivian, stating, "Together, we launched the R1T, R1S, and our commercial van, drove technology innovation and partnerships, built our go-to-market operations, and positioned the company for global scale and profitability with the launch of R2."