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 line with the power gear 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 greatest initiatives to this point, together with scaling up manufacturing and gross sales of its R2 SUV, which began transport to clients this summer season.
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 non-public firm, had raised billions of {dollars} in its bid to carry three compelling electrical autos — its flagship R1T truck and R1S SUV and a business 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 greatest IPOs of the yr. 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 price 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 identified for working carefully with the design and engineering groups in addition to founder and CEO RJ Scaringe to make sure future autos had been fashionable and compelling with out shedding cash on each sale, in line with insiders who’ve spoken to TechCrunch prior to now. Amongst her many obligations, McDonough led Rivian’s company and enterprise growth in addition to quite a lot of different features of the enterprise, together with automobile upkeep and repairs, services, and its charging community.
As CFO, she performed a significant function in a expertise three way partnership with Volkswagen Group. Beneath that deal, which was finalized in November 2024, VW agreed to take a position as much as $5.8 billion into Rivian by 2027 in alternate for entry to its electrical structure and software program know-how.
“Collectively, we launched the R1T, R1S, and our business van, drove expertise innovation and partnerships, constructed our go-to-market operations, and positioned the corporate for international 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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