NORMAL (25News Now) – The executive who helped orchestrate Rivian’s $13.7 billion initial public offering of company stock in 2021 is leaving the electric vehicle maker after nearly six years on the job.
Claire McDonough’s final day as Rivian chief financial officer is Oct. 30, according to a news release.
She is expected to begin her new position in November as CFO for Massachusetts-based energy company GE Vernova.
Rivian’s release said McDonough is relocating to the East Coast to be closer to her family.
Vice President of Finance Derek Mulvey is expected to become Rivian’s Interim CFO while a “comprehensive executive search process” is underway to replace McDonough. The company said it is evaluating internal and external candidates.
Rivian officials said the November 2021 IPO raised the necessary capital to fund initial manufacturing operations at its plant in Normal.
Rivian founder and CEO RJ Scaringe released the following statement:
“Claire joined Rivian almost six years ago, and she’s had a meaningful impact on our business and our teams during a transformative period of growth. From guiding us through our IPO to building many of our financial operating frameworks, her strategic approach has helped strengthen our overall execution. Beyond her work on our capital roadmap, Claire has been a trusted leader and partner across the organization. While she will be missed, I’m thrilled that Derek is taking on the interim CFO role. Derek has worked incredibly closely with me, Claire and our leadership team for several years and will enable a seamless transition.”
McDonough also released a statement:
“Serving as Rivian’s CFO alongside RJ and this exceptional team has been the highlight of my career. I am tremendously proud of everything we have accomplished together—from building and scaling the business with the launch of R1 and our commercial van to establishing the financial and operational foundation that will propel the company through the ramp of R2 and beyond. As I step away for a new opportunity and to be closer to my family on the East Coast, I do so with absolute confidence in Rivian’s trajectory, mission, and leadership team.”
Rivian’s share price fell almost 4.4% on Friday to $16.07 after news of McDonough’s departure. However, the price may also have been pressured by a broader stock market selloff as investors worry that inflation will lead to higher interest rates.
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